3. Beginning inventory, purchases, and sales for Product - Weld TM are as follow

Question

3.     Beginning inventory, purchases, and sales for Product - Weld TM are as follows:

Sep. 1

Beginning Inventory

24 units

@

$15

Sep. 5

Sale

17 units

Sep. 17

Purchase

10 units

@

$20

Sep. 30

Sale

8 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.

4.     Beginning inventory, purchases, and sales for Product - Weld TM are as follows:

Sep. 1

Beginning Inventory

24 units

@

$10

Sep. 5

Sale

17 units

Sep. 17

Purchase

10 units

@

$15

Sep. 30

Sale

8 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.

3.     Beginning inventory, purchases, and sales for Product - Weld TM are as follows:

Sep. 1

Beginning Inventory

24 units

@

$15

Sep. 5

Sale

17 units

Sep. 17

Purchase

10 units

@

$20

Sep. 30

Sale

8 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.

4.     Beginning inventory, purchases, and sales for Product - Weld TM are as follows:

Sep. 1

Beginning Inventory

24 units

@

$10

Sep. 5

Sale

17 units

Sep. 17

Purchase

10 units

@

$15

Sep. 30

Sale

8 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.

Explanation / Answer

3 Received Rate Amount Issued Rate Amount Balance Rate Amount 1-Sep 0 0 0 0 0 0 24 15 360 5-Sep 0 0 0 17 15 255 7 15 105 17-Sep 10 20 200 0 0 0 7 15 105 10 20 200 30-Sep 0 0 0 7 15 105 9 20 180 1 20 20

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