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Determine the cost of merchandise sold on August

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Reference no: EM132681251

Problem - Perpetual inventory using FIFO

Beginning inventory, purchases, and sales for Item B901 are as follows:

Aug 1 Inventory 50 units at $80

Aug 9 Sale 30 units

Aug 13 Purchase 40 units at $85

Aug 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 August 28.

(b) the inventory on August 31.

Reference no: EM132681251

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