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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 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
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
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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