Beginning inventory, purchases, and sales for Item PK95 are as follows: January 1 80 units @...

 

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Beginning inventory, purchases, and sales for Item PK95 are as follows: January 1 80 units @ $23 9 62 units 13 58 units @ $26 28 27 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. a. Cost of merchandise sold on January 28 $ b. Inventory on January 31 $ Inventory Sale Purchase Sale Beginning inventory, purchases, and sales for Item PK95 are as follows: January 1 80 units @ $23 9 62 units 13 58 units @ $26 28 27 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. a. Cost of merchandise sold on January 28 $ b. Inventory on January 31 $ Inventory Sale Purchase Sale

Answer rating: 100% (QA)

To determine the cost of merchandise sold on January 28 and the inventory on January 31 using the ... View the full answer