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 Widget are as follows:
Mar. 1 Inventory 200 units at $8
9 Sale 175 units
13 Purchase 160 units at $9
25 Sale 150 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31.
a. Cost of merchandise sold on March 25 $
b. Inventory on March 31 $
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