Beginning inventory, purchases, and sales for Item Doodad are as follows: July 1 Inventory 90 units at $21 7 Sale 79 units 15 Purchase 160 units at $24 24 Sale 70 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31. a. Cost of merchandise sold on July 24 $fill in the blank 1 b. Inventory on July 31
Beginning inventory, purchases, and sales for Item Doodad are as follows: July 1 Inventory 90 units at $21 7 Sale 79 units 15 Purchase 160 units at $24 24 Sale 70 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31. a. Cost of merchandise sold on July 24 $fill in the blank 1 b. Inventory on July 31
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 2PEB: Beginning inventory, purchases, and sales for Item Delta are as follows: Assuming a perpetual...
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Beginning inventory, purchases, and sales for Item Doodad are as follows:
July 1 | Inventory | 90 units at $21 | |
7 | Sale | 79 units | |
15 | Purchase | 160 units at $24 | |
24 | Sale | 70 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31.
a. Cost of merchandise sold on July 24 | $fill in the blank 1 |
b. Inventory on July 31 |
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