Question
Perpetual Inventory UsingFIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: January 1Inventory73 units @ $249Sale51 units13Purchase78 units @ $2828Sale28 units Assuming
Perpetual Inventory UsingFIFO
Beginning inventory, purchases, and sales for Item ER27 are as follows:
January 1Inventory73 units @ $249Sale51 units13Purchase78 units @ $2828Sale28 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31.
a.Cost of merchandise sold on January 28$b.Inventory on January 31$
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Accounting Volume 2
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
2nd Canadian edition
176501452, 978-0176501457, 978-0176509743
