FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item PK95 are as follows:
37 units @ $23
30 units
36 units @ $27
January 1
Inventory
Sale
13
Purchase
28
Sale
14 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
$4
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Transcribed Image Text:Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: 37 units @ $23 30 units 36 units @ $27 January 1 Inventory Sale 13 Purchase 28 Sale 14 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 $4
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