Question: Beginning inventory, purchases, and sales for Item CJ10 are as follows: Apr. 1 Inventory 30 units at $70 8 Sale 18 units 15 Purchase 25

Beginning inventory, purchases, and sales for Item CJ10 are as follows:


Apr. 1        Inventory           30 units at $70

 8                Sale                    18 units

 15              Purchase           25 units at $72

 24              Sale                    15 units


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

(a) The cost of merchandise sold on April 24 and

(b) The inventory on April 30.


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