A. Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory Sale 450 units at $7 390 units 9 Purchase Sale 410 units at $8 340 unit 13 Purchase 410 units at $8 25 Sale 340 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31. B. Beginning inventory, purchases, and sales for Item FK7 are as follows: Sept. 1 Inventory 115 units at $255 10 Sale 100 units 18 Purchase 110 units at $260 27 Sale 105 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.
A. Beginning inventory, purchases, and sales for Item Copper are as follows:
Mar. 1 Inventory Sale 450 units at $7 390 units
9 Purchase Sale 410 units at $8 340 unit
13 Purchase 410 units at $8
25 Sale 340 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31.
B. Beginning inventory, purchases, and sales for Item FK7 are as follows:
Sept. 1 Inventory 115 units at $255
10 Sale 100 units
18 Purchase 110 units at $260
27 Sale 105 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps