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Inventory Using FIFO Beginning inventory, purchases, and sales for Item 8901 are as follows: 54 units @ $24 9 35 units 13 45 units @ $25 25 Sale 28 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the inventory o July 31. July 1 Inventory Sale Purchase a. Cost of merchandise sold on July 25 b. Inventory on July 31

Inventory Using FIFO Beginning inventory, purchases, and sales for Item 8901 are as follows: 54 units @ $24 9 35 units 13 45 units @ $25 25 Sale 28 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the inventory o July 31. July 1 Inventory Sale Purchase a. Cost of merchandise sold on July 25 b. Inventory on July 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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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item 8901 are as follows: 54 units@ $24 35 units 45 units @ $25 25 Sale 28 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the inventory on July 31. a. Cost of merchandise sold on July 25 b. Inventory on July 31 July 1 9 13 Inventory Sale Purchase
Transcribed Image Text:Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item 8901 are as follows: 54 units@ $24 35 units 45 units @ $25 25 Sale 28 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the inventory on July 31. a. Cost of merchandise sold on July 25 b. Inventory on July 31 July 1 9 13 Inventory Sale Purchase
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