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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: August...

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item HM46 are as follows:

August 1 Inventory 56 units @ $21
9 Sale 41 units
13 Purchase 43 units @ $24
28 Sale 23 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31.

a. Cost of merchandise sold on August 28 $
b. Inventory on August 31 $
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Answer #1

Cost of Goods Sold

= (41*21) + (15*21) + (8*24)

= 1368

Inventory

= (35*24)

= 840

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