Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: August 1   Inventory 41 units @ $15 9   Sale 28 units 13   Purchase 47 units @ $17 28   Sale 17 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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Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item B901 are as follows:

August 1   Inventory 41 units @ $15
9   Sale 28 units
13   Purchase 47 units @ $17
28   Sale 17 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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