Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

Exercise 39

A Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item ProX2 are as follows:

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
B Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item Delta are as follows:

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31.