beginning inventory, purchases, and sales for prodcut XCX as follows: sep 1: beginning inventory 22 units...

beginning inventory, purchases, and sales for prodcut XCX as follows:

sep 1: beginning inventory 22 units @ $14

sep 5: sale, 13 units

sep 17: purchase 27 units @ $17

sep 30: sale, 19 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

Expert Solution

1. Last in First out:

Date	Purchases	Sales	Balance
Sep.1	Beginning balance		22$14=$308
Sep.5		13$14=$182	9$14=$126
Sep.17	27$17=$459		9$14=$126
			27$17=$459
Sept.30		19$17=$323	9$14=$126
			8$17=$136
Total		$505	$262

Cost of goods sold, September 30 = $505

Inventory, September 30 = $262

2. First in First out:

Date	Purchases	Sales	Balance
Sep.1	Beginning balance		22$14=$308
Sep.5		13$14=$182	9$14=$126
Sep.17	27$17=$459		9$14=$126
			27$17=$459
Sept.30		9$14=$126
		10$17=$170	17$17=$289
Total		$478	$289

Cost of goods sold, September 30 = $478

Inventory, September 30 = $289

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