Question
Beginning inventory, purchases, and sales for Product XCX are as follows: Sept. 1 Beginning Inventory 26 units @ $13 5 Sale 14 units 17 Purchase
Beginning inventory, purchases, and sales for Product XCX are as follows:
| Sept. 1 | Beginning Inventory | 26 units | @ | $13 |
| 5 | Sale | 14 units | ||
| 17 | Purchase | 22 units | @ | $15 |
| 30 | Sale | 16 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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Making Auditors Effective Theory Evidence Perspectives
Authors: Mark Schelker
1st Edition
3832934375, 978-3832934378
