Question
Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 23 units @ $11 5 Sale 11 units 17
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sept. 1 | Beginning Inventory | 23 units | @ | $11 |
| 5 | Sale | 11 units | ||
| 17 | Purchase | 22 units | @ | $14 |
| 30 | Sale | 14 units |
Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30.
| a. Cost of merchandise sold | $ |
| b. Inventory, September 30 | $ |
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Survey of Accounting
Authors: Carl S Warren
6th edition
978-113318912, 1133189121, 978-1133189121
