AI tutor
Welcome to Bytelearn!
Let’s check out your problem:
Beginning inventory, purchases, and sales for an inventory item are as follows:\begin{tabular}{ll} Sep. Beginning Inventory & units @ \$\(10\) \\\(\newline\)\(5\) Sale & \(17\) units \\\(\newline\)\(17\) Purchase & \(10\) units @ \$\(15\) \\\(\newline\)\(30\) Sale & \(8\) units\(\newline\)\end{tabular}\(\newline\)Assuming a perpetual inventory system and the last-in, first-out method:\(\newline\)a. Determine the cost of goods sold for the September \(30\) sale.\(\newline\)\( \$ \) \( \square \)\(\newline\)b. Determine the inventory on September \(30\) .\(\newline\)\( \$ \) \( \square \)
Full solution
Q. Beginning inventory, purchases, and sales for an inventory item are as follows:\begin{tabular}{ll} Sep. Beginning Inventory & units @ \$\(10\) \\\(\newline\)\(5\) Sale & \(17\) units \\\(\newline\)\(17\) Purchase & \(10\) units @ \$\(15\) \\\(\newline\)\(30\) Sale & \(8\) units\(\newline\)\end{tabular}\(\newline\)Assuming a perpetual inventory system and the last-in, first-out method:\(\newline\)a. Determine the cost of goods sold for the September \(30\) sale.\(\newline\)\( \$ \) \( \square \)\(\newline\)b. Determine the inventory on September \(30\) .\(\newline\)\( \$ \) \( \square \)
- LIFO method used: For the September sale of units, we use LIFO, so we sell the most recently purchased items first.
- Cost of goods sold: We have units from the September purchase at each. We sell of these units.Cost of goods sold = units * /unit = .
- Remaining inventory after sale: Now, determine the remaining inventory after the September sale.
- Inventory calculation: We sold units from the September purchase, leaving units at each.
- Inventory calculation: We sold units from the September purchase, leaving units at each.From the beginning inventory, we have units, but we sold units on September , leaving units at each.
- Inventory calculation: We sold units from the September purchase, leaving units at each.From the beginning inventory, we have units, but we sold units on September , leaving units at each.The remaining inventory is units at each and units at each.Inventory = .
More problems from Find a value using two-variable equations: word problems
QuestionGet tutor help
QuestionGet tutor help
QuestionGet tutor help
QuestionGet tutor help
QuestionGet tutor help
QuestionGet tutor help
QuestionGet tutor help
QuestionGet tutor help
QuestionGet tutor help
QuestionGet tutor help