Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 35 units $11 5 Sale 20 units 17 Purchase
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sep. 1 | Beginning Inventory | 35 units | $11 |
| 5 | Sale | 20 units | |
| 17 | Purchase | 38 units | $14 |
| 30 | Sale | 36 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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Auditing
Authors: David Ricchiute
8th Edition
0324226292, 978-0324226294
