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 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 the cost of the merchandise sold for the September 30 sale and the inventory on September 30.