Business, 08.03.2021 19:30 Thejollyhellhound20
Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:
Inventory Purchases Sales
May 1 2,800 units at $34 May 10 1,400 units at $36 May 12 1,960 units
May 20 1,260 units at $38 May 14 1,680 units May 31 840 units
Required:
Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated above.
Answers: 1
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Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:
Inve...
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