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
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