Question
Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 26 units @ $13 5 Sale 13 units 17 Purchase
Beginning inventory, purchases, and sales for Product XCX are as follows:
| Sep. 1 | Beginning Inventory | 26 units | @ | $13 |
| 5 | Sale | 13 units | ||
| 17 | Purchase | 21 units | @ | $14 |
| 30 | Sale | 16 units |
Assuming a perpetual inventory system and the last-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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Financial And Managerial Accounting Working Papers Volume 1
Authors: Belverd E. Needles
6th Edition
0618102337, 978-0618102334
