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Assuming a perpetual inventory system and using the


Beginning inventory, purchases, and sales for Item CJ10 are as follows:

Apr. 1 Inventory 30 units at $70
8 Sale 18 units
15 Purchase 25 units at $72
24 Sale 15 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine 

(a) The cost of merchandise sold on April 24 and 

(b) The inventory on April 30.

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Accounting Basics: Assuming a perpetual inventory system and using the
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