Question

Beginning inventory, purchases, and sales for Product XCX are as follows: Sept. 1 Beginning Inventory 26...

Beginning inventory, purchases, and sales for Product XCX are as follows:

Sept. 1 Beginning Inventory 26 units @ $13
      5 Sale 14 units
     17 Purchase 22 units @ $15
     30 Sale 16 units

Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30.

a) Cost of merchandise sold $
b) Inventory, September 30 $
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 26...
Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 26 units @ $13       5 Sale 13 units      17 Purchase 21 units @ $14      30 Sale 16 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 $
erpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept....
erpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units at $175 10 Sale 65 units 18 Purchase 75 units at $180 27 Sale 70 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30. a. Cost of merchandise sold on September 27 $fill in the blank 1 b. Inventory...
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory...
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 14 units 17 Purchase 26 units @ $17 30 Sale 25 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. $______________ b. Determine the inventory on September 30. $_________________
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory...
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 26 units $16     5 Sale 15 units     17 Purchase 29 units $19    30 Sale 27 units Assuming a perpetual inventory system and the first-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 $fill in the blank 1 b. Inventory, September 30 $fill in the...
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory...
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 25 units $16     5 Sale 14 units     17 Purchase 27 units $18    30 Sale 27 units Assuming a perpetual inventory system and the first-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, October 31 $
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory...
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 32 units $25     5 Sale 19 units     17 Purchase 33 units $26    30 Sale 34 units Assuming a perpetual inventory system and the first-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 $
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory...
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 30 units @ $13 5 Sale 17 units 17 Purchase 32 units @ $15 30 Sale 32 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. $ b. Determine the inventory on September 30. $
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: August...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 56 units @ $23 9 Sale 45 units 13 Purchase 54 units @ $26 28 Sale 17 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31. a. Cost of merchandise sold on August 28 $ b. Inventory on August 31 $
Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 57 units...
Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 57 units @ $19 9 Sale 47 units 13 Purchase 35 units @ $22 28 Sale 17 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31. a. Cost of merchandise sold on May 28 $fill in the blank 1 b. Inventory on May 31 $fill...
Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 320 units at...
Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 320 units at $14 13    Sale 160 units 22 Purchase    340 units at $16 29    Sale    400 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.    1 per unit b. Assuming a perpetual inventory system and using the weighted average...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT