Beginning inventory, purchases, and sales for Item B901 are as follows: May 1   Inventory 45 units @ $25 9   Sale 36 units 13   Purchase 43 units @ $27 28   Sale 15 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31. a. Cost of merchandise sold on May 28 $fill in the blank 1 b. Inventory on May 31 $fill in the blank 2

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item B901 are as follows:

May 1   Inventory 45 units @ $25
9   Sale 36 units
13   Purchase 43 units @ $27
28   Sale 15 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31.

a. Cost of merchandise sold on May 28 $fill in the blank 1
b. Inventory on May 31 $fill in the blank 2
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