Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item Description Units Cost Nov. 1 Purchased 600 units $80 each 4 Sold 200 units 11 Purchased 350 units $82 each 12 Sold 275 units 22 Purchased 175 units $84 each 23 Sold 155 units Assuming no beginning inventory, a perpetual inventory system, and the last-in, first-out method. a. Determine the inventory on November 30.fill in the blank 1 of 2$ b. Determine the cost of goods sold for November.fill in the blank 2 of 2$
Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item Description Units Cost Nov. 1 Purchased 600 units $80 each 4 Sold 200 units 11 Purchased 350 units $82 each 12 Sold 275 units 22 Purchased 175 units $84 each 23 Sold 155 units Assuming no beginning inventory, a perpetual inventory system, and the last-in, first-out method. a. Determine the inventory on November 30.fill in the blank 1 of 2$ b. Determine the cost of goods sold for November.fill in the blank 2 of 2$
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Date | Line Item Description | Units | Cost |
|---|---|---|---|
| Nov. 1 | Purchased | 600 units | $80 each |
| 4 | Sold | 200 units | |
| 11 | Purchased | 350 units | $82 each |
| 12 | Sold | 275 units | |
| 22 | Purchased | 175 units | $84 each |
| 23 | Sold | 155 units |
Assuming no beginning inventory, a perpetual inventory system, and the last-in, first-out method.
a. Determine the inventory on November 30.
fill in the blank 1 of 2$
b. Determine the cost of goods sold for November.
fill in the blank 2 of 2$
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