Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 22 units @ $15 5 Sale 15 units 17 Purchase 22 units @ $18 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
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Beginning inventory, purchases, and sales for an inventory item are as follows:
Sep. 1 Beginning Inventory 22 units @ $15
5 Sale
15 units
17 Purchase
22 units @ $18
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.
Transcribed Image Text:Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 22 units @ $15 5 Sale 15 units 17 Purchase 22 units @ $18 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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