Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: January 1 Inventory 76 units @ $15 9 52 units 13 61 units @ $17 25 31 units Sale Purchase Sale 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 b. Inventory on January 31 $ 479 918

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: January 1 Inventory 76 units @ $15 9 52 units 13 61 units @ $17 25 31 units Sale Purchase Sale 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 b. Inventory on January 31 $ 479 918

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Description: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item B901 are as follows:January 1Inventory76 units @ $15952 units1361 units @ $172531 unitsSalePurchaseSaleAssuming a perpetual inventory system and using the first-in, fir

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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