Question
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 65 units @ $21 9 Sale 45
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item HM46 are as follows:
| August 1 | Inventory | 65 units @ $21 | |
| 9 | Sale | 45 units | |
| 13 | Purchase | 71 units @ $24 | |
| 28 | Sale | 24 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31.
| a. Cost of merchandise sold on August 28 | $ |
| b. Inventory on August 31 | $ |
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Audits Of 401k Plans
Authors: Deloitte And Touche
2nd Edition
1119722039, 978-1119722038
