Question Content Area Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item Description Units and Cost Sep. 1 Beginning Inventory 23 units @ $15 5 Sale 13 units 17 Purchase 22 units @ $16 30 Sale 16 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of goods sold for the September 30 sale. b. Determine the inventory on September 30.
Question Content Area Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item Description Units and Cost Sep. 1 Beginning Inventory 23 units @ $15 5 Sale 13 units 17 Purchase 22 units @ $16 30 Sale 16 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of goods sold for the September 30 sale. b. Determine the inventory on 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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Beginning inventory, purchases, and sales for an inventory item are as follows:
| Date | Line Item Description | Units and Cost | |
|---|---|---|---|
| Sep. 1 | Beginning Inventory | 23 units @ $15 | |
| 5 | Sale | 13 units | |
| 17 | Purchase | 22 units @ $16 | |
| 30 | Sale | 16 units |
Assuming a perpetual inventory system and the last-in, first-out method:
a. Determine the cost of goods sold for the September 30 sale.
b. Determine the inventory on September 30.
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