Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 26 units $16 5 Sale 15 units 17 Purchase
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sep. 1 | Beginning Inventory | 26 units | $16 |
| 5 | Sale | 15 units | |
| 17 | Purchase | 29 units | $19 |
| 30 | Sale | 27 units |
Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30.
| a. Cost of goods sold | $fill in the blank 1 |
| b. Inventory, September 30 | $fill in the blank 2 |
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Auditing Audit Principles Audit Process Vouching And Verification Company Auditor Audit Report.
Authors: Jagtap Subhash
1st Edition
1688008780, 978-1688008786
