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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: January...

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item ER27 are as follows:

January 1 Inventory 76 units @ $16
9 Sale 49 units
13 Purchase 70 units @ $17
28 Sale 33 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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Answer #1

of MerhodreSld auy Lost (46-49)$16 $432 3 Onis puebaued en Janua (33-27 ) x 412 G1 $432 t102 # Total $53y 0 -33 - - 16-49 Uni

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