Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 28 units @ $21 5 Sale 16 units 17
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sept. 1 | Beginning inventory | 28 units | @ $21 |
| 5 | Sale | 16 units | |
| 17 | Purchase | 29 units | @ $22 |
| 30 | Sale | 30 units |
Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30.
| a. Cost of merchandise sold | |
| b. Inventory, September 30 |
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College Accounting A Practical Approach Chapters 1-26
Authors: Jeffrey Slater
8th Edition
0130911429, 978-0130911421
