Beginning inventory purchases and sales for an inventory ite

Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 31 units $18 5 Sale 18 units 17 Purchase 34 units $21 30 Sale 32 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. Find a) cost of merchandise sold b) Inventory, October 31st

(a) the cost of the merchandise sold for the September 30 = $957

(b) the inventory on September 30 = $315

date	event	Units	Price$	Cost of Purchase$	Cost of Merch. sold $	Balance Inventory $
Sep 1	Beg Inve	31	18			558
5	Sale	18	18		324	234
17	Purchase	34	21	714		948
30	Sale	32	19/21		1318+1921=633	315
Total / Balance					957	315

Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 31 units $18 5 Sale 18 units 17 Purchase 34 units $21

Beginning inventory purchases and sales for an inventory ite

Solution

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