Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item B901 are as follows:January 1Inventory36 units @ $219.Sale25 units13Purchase22 units @ $2225Sale18 unitsAssuming 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 onJanuary 31.a. Cost of merchandise sold on January910 X25b. Inventory on January 31$4330 VFeedbackV Check My Worka. When the FIFO method is used, costs are included in cost of merchandisesold in the order in which they were purchased. Think of your inventory interms of "layers." Determine how much inventory remains from each layerafter each sale.b. The ending inventory is made up of the most recent purchases.

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Description: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item B901 are as follows:January 1Inventory36 units @ $219.Sale25 units13Purchase22 units @ $2225Sale18 unitsAssuming a perpetual inventory system and using the first-in, fi

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Beginning inventory, purchases, and sales for Item B901 are as follows: January 1 Inventory 36 units @ $21 9. Sale 25 units 13 Purchase 22 units @ $22 25 Sale 18 units 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 $4 910 X 25 b. Inventory on January 31 2$ 330

Beginning inventory, purchases, and sales for Item B901 are as follows: January 1 Inventory 36 units @ $21 9. Sale 25 units 13 Purchase 22 units @ $22 25 Sale 18 units 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 $4 910 X 25 b. Inventory on January 31 2$ 330

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

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