Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows:...
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Accounting
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item ER27 are as follows:
January 1
Inventory
55 units @ $19
9
Sale
36 units
13
Purchase
57 units @ $21
28
Sale
25 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31.
a. Cost of merchandise sold on January 28
$
b. Inventory on January 31
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