Assume that the business in exercise 7-5 maintains a perpetual inventory system, costing by the...
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Accounting
Assume that the business in exercise 7-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.
Inventory:
May 1 = 1550 units at $44
Purchases:
May 10 = 720 Units at $45
May 20 = 1200 units at $48
Sales:
May 12 = 1200 units
May 14 = 830 units
May 31 = 1000 units
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