Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: January 1 Inventory 76 units @ $16 9 Sale 49
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item ER27 are as follows:
| January 1 | Inventory | 76 units @ $16 | |
| 9 | Sale | 49 units | |
| 13 | Purchase | 70 units @ $17 | |
| 28 | Sale | 33 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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Authors: U. S. Committee On Governmental Affairs
1st Edition
1334865558, 978-1334865558
