Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item B901 are as follows:

CengageNOV' X engage ' G} v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invok "- U {:7 q nerchandise inventory. ) 2 III\\ E: E Ch 7'2 Pradice Exemises Show Me How Calculator Prim Item 1- PE.07-02.ALGO Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item 3901 are as follows: 2. PE.07-O3.ALGO July 1 Inventory 37 units @ $21 3. PE.07-O4A 9 Sale 25 units 13 Purchase 31 units @ $24 4. PE.07-05.ALGO 28 Sale 16 units 5- PE-OY'OG-ALGO Assuming a perpetual inventory system and using the rst-in, rst-out (FIFO) method, determine (a) the cost of merchandise sold on July 23 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 b. Inventory on July 31 . C eck M Work 2 more Check M Work uses remainin . Progress: 1I5 Items y g ignment Score: 0.0% 3:28 PM 'l 1M 5,!'201 7