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Determine the cost of the merchandise sold in each sale

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Reference no: EM132547024

Question - What is the meaning of the following terms: (a) physical inventory; (b) book inventory?

Beginning inventory Purchases and sales data for commodity d45 are as follows:

Jan. 1. Inventory 15 units at $40

5. Sold 5 units

10. Purchased 10 units at $41

17. Sold 12 units

22. Sold 3 units

30. Purchased 10 units at $42

The enterprise maintains a perpetual inventory system, costing by the first -in, first-out method. Determine the cost of the merchandise sold in each sale and inventory balance after each sale, presenting the data.

 

Reference no: EM132547024

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