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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

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
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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