Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: August 1 Inventory 78 units @ $20 9 Sale 64 units 13 Purchase 86 units @ $24 25 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 25 and (b) the inventory on August 31. a. Cost of merchandise sold on August 25 $fill in the blank 1 b. Inventory on August 31 $fill in the blank 2
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: August 1 Inventory 78 units @ $20 9 Sale 64 units 13 Purchase 86 units @ $24 25 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 25 and (b) the inventory on August 31. a. Cost of merchandise sold on August 25 $fill in the blank 1 b. Inventory on August 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 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...
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Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item PK95 are as follows:
| August 1 | Inventory | 78 units @ $20 | |
| 9 | Sale | 64 units | |
| 13 | Purchase | 86 units @ $24 | |
| 25 | Sale | 20 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 25 and (b) the inventory on August 31.
| a. Cost of merchandise sold on August 25 | $fill in the blank 1 |
| b. Inventory on August 31 | $fill in the blank 2 |
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