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View Full Version : Help with accounting problems?


KatieLady87
Nov 25, 2011, 08:56 AM
Determine the cost of the merchandise sold for September 30 sale.
Determine the inventory on September 30.
Based on:
SEP 1 Begininning inventory 24 units@$10
SEP 5 Sale 17 units
SEP 17 Purchase 10 units@$15
SEP 30 Sale 8 units
This is all based on perpetual inventory system using FIFO method

pready
Nov 25, 2011, 10:12 AM
Your sale on Sep 5 is at $10 per unit.

Your sale on Sep 30 is at $10 per unit for 7 units (24 beginning units - Sep 5 sale of 17 units) and $15 a unit for 1 unit.

emopunk7
Nov 25, 2011, 10:51 PM
Yes, pready is correct!