Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 29 units $16 5 Sale 17 units 17 Purchase
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sept. 1 | Beginning Inventory | 29 units | $16 |
| 5 | Sale | 17 units | |
| 17 | Purchase | 30 units | $17 |
| 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 | $fill in the blank 1 |
| b. Inventory, September 30 | $fill in the blank 2 |
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Advanced Accounting
Authors: Floyd A. Beams, Robin P. Clement, Suzanne H. Lowensohn, Joseph H. Anthony
9th Edition
0131851225, 978-0131851221
