Question
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Doodad are as follows: July 1 Inventory 90 units at $21 7 Sale 79
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Doodad are as follows:
| July 1 | Inventory | 90 units at $21 | |
| 7 | Sale | 79 units | |
| 15 | Purchase | 160 units at $24 | |
| 24 | Sale | 70 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31.
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a. Cost of merchandise sold on July 24 $ b. Inventory on July 31 $
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The Next Step Advanced Medical Coding And Auditing 2013
Authors: Carol J. Buck MS CPC CCS-P
1st Edition
1455744859, 978-1455744855
