**Inventory Management**The beginning inventory, purchases, and sales for an inventory item are as follows:- **September 1** - Beginning Inventory: 25 units @ $15 each- **September 5** - Sale: 14 units- **September 17** - Purchase: 22 units @ $16 each- **September 30** - Sale: 15 units**Assuming a perpetual inventory system and using the Last-In, First-Out (LIFO) method:****Tasks:**- **a. Determine the cost of the goods sold for the September 30 sale.** - Cost of Goods Sold (COGS): $ ______- **b. Determine the inventory on September 30.** - Ending Inventory: $ ______

Name: **Inventory Management**The beginning inventory, purchases, and sales
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Description: **Inventory Management**The beginning inventory, purchases, and sales for an inventory item are as follows:- **September 1** - Beginning Inventory: 25 units @ $15 each- **September 5** - Sale: 14 units- **September 17** - Purchase: 22 units @ $16

Perpetual Inventory System: Perpetual inventory system is a system of inventory where the information regarding inventory quantity and availability is updated continuously.Total Cost of goods sold for September 30 is $450 (210+$240). Inventory as on September 30 is $277 ($165+$112).

Business

Accounting

Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 25 units @ $15 5 Sale 14 units 17 Purchase 22 units @ $16 30 Sale 15 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. 2$ b. Determine the inventory on September 30.

Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 25 units @ $15 5 Sale 14 units 17 Purchase 22 units @ $16 30 Sale 15 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. 2$ b. Determine the inventory on September 30.

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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