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1 July, 04:56

Determine the cost of merchandise sold for the transaction on September 25 using the perpetual inventory system and the FIFO method. Date Item Units Cost Total Beginning inventory 5 $5 $25 September 4 Purchase 8 6 48 September 8 Sale 6 September 20 Purchase 15 7 105 September 25 Sale 12 a.$105 b.$77 c.$84 d.$73

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  1. 1 July, 06:59
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    b.$77

    Explanation:

    beginning inventory 5 units

    purchase september 4th 8 untis

    sale for 6 units:

    inventory after first sale: (available at second sale)

    beginning used.

    purchase september 4th 7 untis at $6

    September 25th Sale of 12 units

    inventory used for second sale:

    September 4th 7 untis at $6

    September 15th 5 units at $7

    total COGS for the sale: $77
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