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    KatieLady87's Avatar
    KatieLady87 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 25, 2011, 08:56 AM
    Help with accounting problems?
    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's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    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's Avatar
    emopunk7 Posts: 1,052, Reputation: 161
    Ultra Member
    		  
    #3

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