Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory...

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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units $17 5 Sal

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Answer 1

Answer #1

	Purchase			Sale	Cost of goods sold			Inventory
Date	Units	Cost per unit	Total cost	Units	Units	Cost per unit	Total cost	Units	Cost per unit	Total cost
Sep-01								24	17	408
Sep-05				14	14	17	238	10	17	170
Sep-17	25	18	450					10	17	170
								25	18	450
Sep-30				27	10	17	170	8	18	144
					17	18	306
						*Cost of Goods sold*	*714*		*Closing Inventory*	*144*

*a. Cost of goods sold*	*714*
*b. Inventory, Sep 30*	*144*

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