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
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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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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