Beginning inventory, purchases, and sales for an inventory item are as follows: $$\begin{array} { l l l l l }
\text { Sep. } 1 \text { Beginning inventory } & 24 \text { units } & @ & \$ 15 \
5 \text { Sale } & 17 \text { units } & & \
17 \text { Purchase } & 10 \text { units } & @ & \$ 20 \
30 \text { Sale } & 8 \text { units } & &
\end{array}$$
Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30.

Question

Beginning inventory, purchases, and sales for an inventory item are as follows: $$\begin{array} { l l l l l } 
\text { Sep. } 1 \text { Beginning inventory } & 24 \text { units } & @ & \$ 15 \
5 \text { Sale } & 17 \text { units } & & \
17 \text { Purchase } & 10 \text { units } & @ & \$ 20 \
30 \text { Sale } & 8 \text { units } & &
\end{array}$$ ​
Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30.

Quizplus · Accepted Answer

The Answer of Beginning inventory, purchases, and sales for an inventory item are as follows: $$\begin{array} { l l l l l } 
\text { Sep. } 1 \text { Beginning inventory } & 24 \text { units } & @ & \$ 15 \
5 \text { Sale } & 17 \text { units } & & \
17 \text { Purchase } & 10 \text { units } & @ & \$ 20 \
30 \text { Sale } & 8 \text { units } & &
\end{array}$$ ​
Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30.

Beginning Inventory, Purchases, and Sales for an Inventory Item Are