Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 35 units @ $25 9 Sale 25 units 13 Purchase 37 units @ $26 28 Sale 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 $fill in the blank 1 b. Inventory on July 31 $fill in the blank 2
Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 35 units @ $25 9 Sale 25 units 13 Purchase 37 units @ $26 28 Sale 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 $fill in the blank 1 b. Inventory on July 31 $fill in the blank 2
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 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...
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Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item PK95 are as follows:
July 1 | Inventory | 35 units @ $25 | |
9 | Sale | 25 units | |
13 | Purchase | 37 units @ $26 | |
28 | Sale | 16 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31.
a. Cost of merchandise sold on July 28 | $fill in the blank 1 |
b. Inventory on July 31 | $fill in the blank 2 |
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