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Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item ProX2 are as follows:
Jan. 1
Inventory
60 units at $100
9
Sale
35 units
13
Purchase
50 units at $110
25
48 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
a. Cost of merchandise sold on January 25
$______
b. Inventory on January 31 ______
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item Zebra 9x are as follows:
April 1
420 units at $8
10
300 units
18
280 units at $9
27
250 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.
a. Cost of merchandise sold on April 27
$_______
b. Inventory on April 30
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