Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 22 units $25 5 Sale 13 units 17 Purchase 24 units $27 30 Sale 24 units Assuming a perpetual inventory system and the first-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 $
Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 22 units $25 5 Sale 13 units 17 Purchase 24 units $27 30 Sale 24 units Assuming a perpetual inventory system and the first-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 $
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...
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Beginning inventory, purchases, and sales for an inventory item are as follows:
Sept. 1 | Beginning Inventory | 22 units | $25 |
5 | Sale | 13 units | |
17 | Purchase | 24 units | $27 |
30 | Sale | 24 units |
Assuming a perpetual inventory system and the first-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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