Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 27 units $20 5 Sale 16 units 17 Purchase
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sep. 1 | Beginning Inventory | 27 units | $20 |
| 5 | Sale | 16 units | |
| 17 | Purchase | 28 units | $21 |
| 30 | Sale | 30 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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Cengage Learnings Online General Ledger For Heintz/parrys College Accounting, 2, 2 Terms (12 Months)
Authors: James A. Heintz, Robert W. Parry
22nd Edition
1305669991, 9781305669994
