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Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 80 u 249 Sale 63 units 13 Purchase 63 units @ $27 25 Sale 23 units Assuming a perpetual inventory sy using the first - in, first - out (FIFO) method, determine (a) the cost of merchandise sold on Janua b) the inventory on January 31. a. Cost of merchandise sold on January 25 Sfill in the blank 1 b. on January 31

Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 80 u 249 Sale 63 units 13 Purchase 63 units @ $27 25 Sale 23 units Assuming a perpetual inventory sy using the first - in, first - out (FIFO) method, determine (a) the cost of merchandise sold on Janua b) the inventory on January 31. a. Cost of merchandise sold on January 25 Sfill in the blank 1 b. on January 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 HM46 are as follows: January 1 Inventory 80 units @ $ 24 9 Sale 63 units 13 Purchase 63 units @ $27 25 Sale 23 units Assuming a perpetual inventory system and using the first-in, first - out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and ( b) the inventory on January 31. a. Cost of merchandise sold on January 25 Sfill in the blank 1 b. Inventory on January 31
Transcribed Image Text:Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 80 units @ $ 24 9 Sale 63 units 13 Purchase 63 units @ $27 25 Sale 23 units Assuming a perpetual inventory system and using the first-in, first - out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and ( b) the inventory on January 31. a. Cost of merchandise sold on January 25 Sfill in the blank 1 b. Inventory on January 31
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