Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: 37 units @ $23 30 units 36 units @ $27 January 1 Inventory Sale 13 Purchase 28 Sale 14 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. a. Cost of merchandise sold on January 28 b. Inventory on January 31 $4
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: 37 units @ $23 30 units 36 units @ $27 January 1 Inventory Sale 13 Purchase 28 Sale 14 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. a. Cost of merchandise sold on January 28 b. Inventory on January 31 $4
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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