Question
Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 22 units @ $14 5 Sale 15 units 17 Purchase
Beginning inventory, purchases, and sales for Product XCX are as follows:
| Sep. 1 | Beginning Inventory | 22 units | @ | $14 |
| 5 | Sale | 15 units | ||
| 17 | Purchase | 24 units | @ | $16 |
| 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 | $fill in the blank 1 |
| b) Inventory, September 30 | $fill in the blank 2 |
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Sawyers Internal Auditing Enhancing And Protecting Organizational Value
Authors: The Internal Audit Foundation
7th Edition
1634540522, 9781634540520
