Assume that the business in Exercise 7-5 maintains a perpetual inventory system, costing by the first-in, first-out

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Assume that the business in Exercise 7-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.

Exhibit 4:

Data From Exercise 7-5:

Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:

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Accounting

ISBN: 978-1285743615

26th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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