Question
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: January 1 Inventory 66 units @ $24 9 Sale 49
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item B901 are as follows:
| January 1 | Inventory | 66 units @ $24 | |
| 9 | Sale | 49 units | |
| 13 | Purchase | 66 units @ $29 | |
| 28 | Sale | 22 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31.
| a. Cost of merchandise sold on January 28 | $ |
| b. Inventory on January 31 | $ |
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Auditing Integrated Concepts And Procedures
Authors: Donald H. Taylor, G. William Glezen
5th Edition
0471524239, 978-0471524236
