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Determine the cost of merchandise sold on january

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Reference no: EM132603761

Question - Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item ER27 are as follows:

January 1 Inventory73 units @ $249 Sale 51 units 13 Purchase78 units @ $2828 Sale28 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.

Reference no: EM132603761

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