Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 23 units @ $13 5 Sale 12 units 17 Purchase 22 units @ $14 30 Sale 14 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 b) Inventory, September 30

Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 23 units @ $13 5 Sale 12 units 17 Purchase 22 units @ $14 30 Sale 14 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 b) Inventory, September 30

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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