Beginning inventory, purchases, and sales for Item VX48 are as follows: July 1 Inventory 100 units at

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Beginning inventory, purchases, and sales for Item VX48 are as follows:

July 1 Inventory 100 units at $8

8 Sale 90 units

15 Purchase 125 units at $12

25 Sale 60 units

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

(a) The cost of merchandise sold on July 25 and

(b) The inventory on July 31.

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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 09:53 AM

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Beginning inventory, purchases, and sales for Item VX48 are as follows: July 1 Inventory 100 units at

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