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	12 units
17	Purchase	23 units	@	$16
30	Sale	15 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	$

Expert Solution

Solution

a. Cost of merchandise sold	$ 198.00
b. Inventory, September 30	$ 352.00

Working

	Purchases	Sales	Balance
	Units	Rate	Amount	Units	Rate	Amount	Units	Rate	Amount
Beginning							26	$ 13.00	$ 338.00
Sep-5				12	$ 13.00	$ 156.00	14	$ 13.00	$ 182.00
17-Sep	23	$ 16.00	$ 368.00				14	$ 13.00	$ 182.00
							23	$ 16.00	$ 368.00
30-Sep				14	$ 13.00	$ 182.00
				1	$ 16.00	$ 16.00	22	$ 16.00	$ 352.00

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