FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Please help me with correct answer thankuarrow_forwardPerpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: August 1 Inventory 41 units @ $15 9 Sale 28 units 13 Purchase 47 units @ $17 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 August 28 and (b) the inventory on August 31. a. Cost of merchandise sold on August 28 $ b. Inventory on August 31 $arrow_forwardPerpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 200 units at $40 Oct. 7 Sale 180 units Oct. 15 180 units at $45 Oct. 24 Sale 150 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. Purchase a. Cost of goods sold on October 24 b. Inventory on October 31arrow_forward
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