Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units at $7 9. Sale 390 units 13 Purchase 410 units at $8 25 Sale 340 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO the inventory on March 31. a. Cost of merchandise sold on March 25 2,720 X b. Inventory on March 31 980 X

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Beginning inventory, purchases, and sales for Item Copper are as follows:
Mar. 1
Inventory
450 units at $7
9
Sale
390 units
13
Purchase
410 units at $8
25
Sale
340 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO)
the inventory on March 31.
a. Cost of merchandise sold on March 25
2,720 X
b. Inventory on March 31
980 X
Transcribed Image Text:Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units at $7 9 Sale 390 units 13 Purchase 410 units at $8 25 Sale 340 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) the inventory on March 31. a. Cost of merchandise sold on March 25 2,720 X b. Inventory on March 31 980 X
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