Question
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: May 1 Inventory 77 units @ $17 9 Sale 55
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item B901 are as follows:
| May 1 | Inventory | 77 units @ $17 | |
| 9 | Sale | 55 units | |
| 13 | Purchase | 48 units @ $20 | |
| 28 | Sale | 27 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31.
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International Marketing And Export Management
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
8th Edition
9781292016924
