Question
Question Content Area Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 24 units @ $13 5 Sale
Question Content Area
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sept. 1 | Beginning Inventory | 24 units | @ | $13 |
| 5 | Sale | 11 units | ||
| 17 | Purchase | 21 units | @ | $14 |
| 30 | Sale | 18 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 | fill in the blank |
| b. Inventory, September 30 | fill in the blank |
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Core Concepts Of Accounting Information Systems
Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman
11th Edition
9780470507025, 0470507020
