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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.
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