Question
Perpetual Inventory UsingFIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July 1Inventory66 units @ $209Sale49 units13Purchase64 units @ $2428Sale22 units Assuming
Perpetual Inventory UsingFIFO
Beginning inventory, purchases, and sales for Item HM46 are as follows:
July 1Inventory66 units @ $209Sale49 units13Purchase64 units @ $2428Sale22 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31.
a.Cost of merchandise sold on July 28$b.Inventory on July 31$
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Financial And Managerial Accounting
Authors: Jan R. Williams, Joseph V. Carcello, Mark S. Bettner, Sue Haka, Susan F. Haka
14th International Edition
0071101217, 9780071101219
