Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Widget are as follows: Mar. 1 Inventory 200 units at $8 Sale 175 units Purchase 160 units at $9 150 units 13 25 Sale 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. a. Cost of merchandise sold on March 25 b. Inventory on March 31

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Widget are as follows: Mar. 1 Inventory 200 units at $8 Sale 175 units Purchase 160 units at $9 150 units 13 25 Sale 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. a. Cost of merchandise sold on March 25 b. Inventory on March 31

Financial Accounting

15th Edition

ISBN:9781337272124

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

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

Chapter7: Inventories

Section: Chapter Questions

Problem 3PEB: Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual...

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Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.
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