PE 7-2A.pdf - Accountancy Questions And Answers PE 7-2A Perpetual inventory using FIFO [email protected] Dashboard Sign Out More Accountancy Questions

PE 7-2A.pdf - Accountancy Questions And Answers PE 7-2A...

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7/22/2019 Accountancy Questions And Answers: PE 7-2A Perpetual inventory using FIFO accountancyanswersandquestions.blogspot.com/2014/03/pe-7-2a-perpetual-inventory-using-fifo.html 1/2 A blog that provides accounting questions and answers to help students. Accountancy Questions And Answers Newer Post Older Post Home Subscribe to: Post Comments (Atom) S a t u r d a y , M a r c h 2 2 , 2 0 1 4 at 12:54 AM PE 7-2A Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: Aug. 1 Inventory 50 units at $80 9 Sale 30 units 13 Purchase 40 units at $85 28 Sale 25 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31. Answer: a. Cost of merchandise sold (August 28): 20 units @ $80 $1,600 5 units @ $85 425 25 $2,025 b. Inventory, August 31: $2,975 = 35 units × $85 Sign out Notify me Comment as: Publish Publish Preview Preview No comments: Post a Comment 2014 (110) March (62)
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