Question
Beginning inventory, purchases, and sales for Product XCX are as follows: Sept. 1 Beginning Inventory 26 units @ $13 5 Sale 12 units 17 Purchase
Beginning inventory, purchases, and sales for Product XCX are as follows:
| Sept. 1 | Beginning Inventory | 26 units | @ | $13 |
| 5 | Sale | 12 units | ||
| 17 | Purchase | 23 units | @ | $16 |
| 30 | Sale | 15 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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Management Control Systems Performance Measurement Evaluation And Incentives
Authors: Kenneth Merchant, Wim Van Der Stede
4th Edition
1292110554, 978-1292110554
