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(Solved) : Perpetual Inventory Using Fifo Beginning Inventory Purchases Sales Item Er27 Follows Augus Q34222709

$ 16.00

Answer to Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: August 1 Inventor…

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Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item ER27 are asfollows:

August 1 Inventory 54 units @ $20
9 Sale 37 units
13 Purchase 50 units @ $23
28 Sale 26 units

Assuming a perpetual inventory system and using the first-in,first-out (FIFO) method, determine (a) the cost of merchandise soldon August 28 and (b) the inventory on August 31.