Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 25 units @ $15 5 Sale 14 units 17
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sep. 1 | Beginning Inventory | 25 | units | @ | $15 |
| 5 | Sale | 14 | units | ||
| 17 | Purchase | 21 | units | @ | $17 |
| 30 | Sale | 19 | 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. $fill in the blank 2
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Wiley CIA Essentials Of Internal Auditing Exam Review 2022 Part 1
Authors: S. Rao Vallabhaneni
1st Edition
1119846285, 978-1119846284
