Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 22 units @ $17 5 Sale 13 units 17
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sep. 1 | Beginning Inventory | 22 | units | @ | $17 |
| 5 | Sale | 13 | units | ||
| 17 | Purchase | 25 | units | @ | $20 |
| 30 | Sale | 25 | 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.
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Advanced Financial Accounting
Authors: Richard E. Baker, Valdean C. Lembke, Thomas E. King
3rd Edition
0070054142, 978-0070054141
