Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 17 units 17 Purchase 10 units @ $20 30 Sale 8 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. $fill in the blank 1 b. Determine the inventory on September 30. $fill in the blank 2
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 17 units 17 Purchase 10 units @ $20 30 Sale 8 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. $fill in the blank 1 b. Determine the inventory on September 30. $fill in the blank 2
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEA: Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual...
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Beginning inventory, purchases, and sales for an inventory item are as follows:
Sep. 1 | Beginning Inventory | 24 | units | @ | $15 |
5 | Sale | 17 | units | ||
17 | Purchase | 10 | units | @ | $20 |
30 | Sale | 8 | units |
Assuming a perpetual inventory system and the first-in, first-out method:
a. Determine the cost of the goods sold for the September 30 sale.
$fill in the blank 1
b. Determine the inventory on September 30.
$fill in the blank 2
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