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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 @ $14 5 Sale 13 units 17 Purchase 24 units @ $15 30 Sale 25 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of goods sold for the September 30 sale. fill in the blank 1 of 2$ b. Determine the inventory on September 30. fill in the blank 2 of 2$

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 @ $14 5 Sale 13 units 17 Purchase 24 units @ $15 30 Sale 25 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of goods sold for the September 30 sale. fill in the blank 1 of 2$ b. Determine the inventory on September 30. fill in the blank 2 of 2$

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 @ $14 5 Sale 13 units 17 Purchase 24 units @ $15 30 Sale 25 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of goods sold for the September 30 sale. fill in the blank 1 of 2$ b. Determine the inventory on September 30. fill in the blank 2 of 2$
Transcribed Image Text: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 @ $14 5 Sale 13 units 17 Purchase 24 units @ $15 30 Sale 25 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of goods sold for the September 30 sale. fill in the blank 1 of 2$ b. Determine the inventory on September 30. fill in the blank 2 of 2$
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