Question
Beginning inventory, purchases, and sales data for a product are as follows: May 1 Inventory 1,500 units at $45 May 10 Purchase 700 units at
Beginning inventory, purchases, and sales data for a product are as follows:
May 1 Inventory 1,500 units at $45
May 10 Purchase 700 units at $48
May 12 Sale 1,300 units 14 Sale 850 units
May 20 Purchase 1,100 units at $52
May 31 Sales 900 units
The business maintains a perpetual inventory system, costing by the last-in, first-out method. a. Determine the cost of merchandise sold for each sale b. Determine the inventory balance
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Financial Accounting
Authors: Walter B. Meigs, A. N. Mosich, Robert F. Meigs
2nd Edition
0070412901, 978-0070412903
