Description of this paper

Inventory valuation_FIFO Method

Description

solution


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#80791 | Written in 18-Jul-2015

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