Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 24 units $15 5 Sale 17 units 17 Purchase
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sept. 1 | Beginning Inventory | 24 units | $15 |
| 5 | Sale | 17 units | |
| 17 | Purchase | 10 units | $20 |
| 30 | Sale | 8 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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Financial Accounting
Authors: Charles T. Horngren, Jr. Harrison, Walter T.
2nd Edition
0133118207, 978-0133118209
