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

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...

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