Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $21 5 Sale 14 units 17
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sep. 1 | Beginning Inventory | 24 | units | @ | $21 |
| 5 | Sale | 14 | units | ||
| 17 | Purchase | 26 | units | @ | $23 |
| 30 | Sale | 27 | units |
Assuming a perpetual inventory system and the first-in, first-out method:
a. Determine the cost of the goods sold for the September 30 sale. $
b. Determine the inventory on September 30.
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Economics Of Accounting Information In Markets
Authors: Peter Ove Christensen, Gerald Feltham
2nd Edition
1402072295, 9781402072291
