Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 26 units @ $12 5 Sale 13 units 17
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sep. 1 | Beginning Inventory | 26 | units | @ | $12 |
| 5 | Sale | 13 | units | ||
| 17 | Purchase | 28 | units | @ | $14 |
| 30 | Sale | 15 | units |
Assuming a perpetual inventory system and the last-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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Management Control Systems
Authors: Kenneth Merchant, Wim Van Der Stede
5th Edition
1292444134, 9781292444130
