Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units $20 5 Sale 14 units 17 Purchase
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sep. 1 | Beginning Inventory | 24 units | $20 |
| 5 | Sale | 14 units | |
| 17 | Purchase | 27 units | $23 |
| 30 | Sale | 26 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, September 30 |
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Sarbanes Oxley And The New Internal Auditing Rules
Authors: Robert R. Moeller
1st Edition
0471483060, 978-0471483069
