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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.

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