Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 28 units @ $11 5 Sale 16 units 17
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sep. 1 | Beginning Inventory | 28 | units | @ | $11 |
| 5 | Sale | 16 | units | ||
| 17 | Purchase | 31 | units | @ | $14 |
| 30 | Sale | 29 | 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. $fill in the blank 1
b. Determine the inventory on September 30. $fill in the blank 2
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Financial Accounting
Authors: Kermit D. Larson, Paul B. W. Miller
5th Edition
0256091935, 978-0256091939
