Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows:...
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Accounting
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item B901 are as follows:
January 1
Inventory
44 units @ $17
9
Sale
31 units
13
Purchase
40 units @ $20
25
Sale
18 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
$fill in the blank 1
b. Inventory on January 31
$fill in the blank 2
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