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Determine the cost of merchandise sold on March

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Reference no: EM132681259

Problem - Perpetual inventory using FIFO

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

Mar 1 Inventory 100 units at $15

Mar 7 Sale 88 units

Mar 15 Purchase 125 units at $18

Mar 24 Sale 75 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine

(a) the cost of merchandise sold on March 24.

(b) the inventory on March 31.

Reference no: EM132681259

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