Beginning inventory, purchases, and sales for Product XCX are as follows:
Sep. 1 | Beginning Inventory | 22 units | @ | $11 |
5 | Sale | 15 units | ||
17 | Purchase | 27 units | @ | $13 |
30 | Sale | 15 units |
Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30.
a) Cost of goods sold | $ |
b) Inventory, September 30 | $ |
Answer
This means that Cost of Goods Sold is to be calculated at the time of sale from latest purchase price.
Cost of Goods available for sale = (22
units x $11) + (27 units x $ 13)
= 242 + 351
= $ 593
[a] Cost of Goods Sold = (15 units x $
11) + (15 units x $ 13)
= 165 + 195
= $ 360 =
Answer
[b] Inventory Sept 30 = Cost of goods
available for sale – Cost of Goods Sold
= $ 593 - $ 360
= $ 233 =
Answer
Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 22...
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