Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: 42...

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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: 42 units @ $15 33 unit

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Answer 1

Answer #1

(a) Cost of merchandise sold on January 28 = (9 units * $15) + (6 units * $16)

= $135 + $96

= $231

(b) Inventory on January 31 = 31 units * $16

= $496

Explanation

(a) We use FIFO method which means that units purchased first, sold first .

33 units are sold @$15, 9 units sold @$15 and remaining 6 units are sold @$16 but we need to calculate only cost of merchandise sold on January 31.

(b) Inventory on January 31, is the inventory which remain unsold or cost of unsold goods.

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Answer 2

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