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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 22 units @ $15 5 Sale 12 units 17 Purchase 24 units @ $18 30 Sale 19 units   Assuming a perpetual inventory system and the last-in, first-out method: a.  Determine the cost of goods sold for the September 30 sale.fill in the blank 1 of 2$ b.  Determine the inventory on September 30.fill in the blank 2 of 2$

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 22 units @ $15 5 Sale 12 units 17 Purchase 24 units @ $18 30 Sale 19 units   Assuming a perpetual inventory system and the last-in, first-out method: a.  Determine the cost of goods sold for the September 30 sale.fill in the blank 1 of 2$ b.  Determine the inventory on September 30.fill in the blank 2 of 2$

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEA: Beginning inventory, purchases, and sales for Item Gidget are as follows: Assuming a perpetual...
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  1. 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 22 units @ $15
    5 Sale 12 units
    17 Purchase 24 units @ $18
    30 Sale 19 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.
    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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