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Inventory valuation_FIFO Method

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Question;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.

 

Paper#37538 | Written in 18-Jul-2015

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