Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 25 units $16 5 Sale 14 units 17 Purchase
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sep. 1 | Beginning Inventory | 25 units | $16 |
| 5 | Sale | 14 units | |
| 17 | Purchase | 27 units | $18 |
| 30 | Sale | 27 units |
Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30.
| a. Cost of goods sold | $ |
| b. Inventory, October 31 | $ |
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Managerial Accounting Manufacturing And Service Applications
Authors: Arnold Schneider, Harold M. Sollenberger
4th Edition
0759350426, 978-0759350427
