Beginning inventory, purchases, and sales for Item Widget are as follows: Mar....
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Accounting
Beginning inventory, purchases, and sales for Item Widget are as follows:
| Mar. 1 | Inventory | 200 units at $8 | |
| 9 | Sale | 175 units | |
| 13 | Purchase | 160 units at $9 | |
| 25 | Sale | 150 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31.
| a. Cost of merchandise sold on March 25 | $ |
| b. Inventory on March 31 | $ |
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