Beginning inventory, purchases, and sales for Item CJ10 are as follows: Apr. 1 Inventory 30 units at

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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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Accounting

ISBN: 978-0324662962

23rd Edition

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

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Question Posted: Aug 27, 2011 10:37 AM

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Beginning inventory, purchases, and sales for Item CJ10 are as follows: Apr. 1 Inventory 30 units at

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