Beginning inventory, purchases, and sales for Item B901 are as follows: May 1 9 13 Inventory Sale Purchase 55 units @ $23 44 units 58 units @ $27 25 Sale Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 25 and (b) the inventory on May 31. 18 units a. Cost of merchandise sold on May 25 b. Inventory on May 31
Beginning inventory, purchases, and sales for Item B901 are as follows: May 1 9 13 Inventory Sale Purchase 55 units @ $23 44 units 58 units @ $27 25 Sale Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 25 and (b) the inventory on May 31. 18 units a. Cost of merchandise sold on May 25 b. Inventory on May 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Beginning inventory, purchases, and sales for Item B901 are as follows:
May 1
9
13
25
Inventory
Sale
Purchase
Sale
55 units @ $23
44 units
58 units @ $27
18 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 25 and (b) the inventory on
May 31.
a. Cost of merchandise sold on May 25
b. Inventory on May 31
Transcribed Image Text:Beginning inventory, purchases, and sales for Item CZ83 are as follows:
Inventory
October 1
5
11
21
Sale
Purchase
Sale
96 units @ $20
77 units
107 units @ $24
90 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on
October 31.
a. Cost of merchandise sold on October 21
b. Inventory on October 31
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