Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: May...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 58 units @ $16 9 Sale 40 units 13 Purchase 60 units @ $17 28 Sale 22 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31. a. Cost of merchandise sold on May 28 $ b. Inventory on May 31 $
Homework Answers
| Quantity | Price | Cost | |
| Beginning inventory | 58 | 16 | 928 |
| Purchase May 13 | 60 | 17 | 1020 |
| Total | 118 | 1948 | |
Cost of merchandise sold on may 28 = (18*16+4*17) = $356
Inventory on may $31 = (1948-928-68) = $952
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Perpetual Inventory Using FIFO Beginning inventory, purchases,
and sales for Item ER27 are as follows: May...
Question 1 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows:...
Question 1
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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: May...
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perpetual inventory using FIFO
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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 80 units @ $20 Sale 9 67 units 13 78 units @ $22 Purchase 28 Sale 19 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31. a. Cost of merchandise sold on May 28 b. Inventory on May 31...
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perpetual inventory using FIFO
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