Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 44 units @ $24 9 Sale 36
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item ER27 are as follows:
| May 1 | Inventory | 44 units @ $24 | |
| 9 | Sale | 36 units | |
| 13 | Purchase | 52 units @ $28 | |
| 28 | Sale | 17 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.
| a. Cost of merchandise sold on May 28 | $ |
| b. Inventory on May 31 | $ |
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Authors: Stephen Asbury
3rd Edition
0815375395, 978-0815375395
