Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 59 units @ $25 9 13 28 Sale Purchase Sale 47 units 42 units @ $28 19 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31. a. Cost of merchandise sold on August 28 b. Inventory on August 31 $ $
Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 59 units @ $25 9 13 28 Sale Purchase Sale 47 units 42 units @ $28 19 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31. a. Cost of merchandise sold on August 28 b. Inventory on August 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 HM46 are as follows:
August 1
Inventory
59 units @ $25
9
13
28
Sale
Purchase
Sale
47 units
42 units @ $28
19 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the
inventory on August 31.
a. Cost of merchandise sold on August 28
b. Inventory on August 31
$
$
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