Beginning Inventory, Purchases, and Sales for an Inventory Item Are

question 201

Essay

Beginning inventory, purchases, and sales for an inventory item are as follows: $$\begin{array} { l l l l l } \text { Sep. } 1 \text { Beginning inventory } & 24 \text { units } & @ & \$ 15 \\5 \text { Sale } & 17 \text { units } & & \\17 \text { Purchase } & 10 \text { units } & @ & \$ 20 \\30 \text { Sale } & 8 \text { units } & &\end{array}$$ ​
Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30.

---

Definitions:

Specific Epithet

The second part of a species' scientific name, uniquely identifying a species within a genus.

Genus Name

The part of the scientific name in binomial nomenclature that classifies a group of closely related species; it comes first and is capitalized.

Independent Variable

The variable in an experiment that is manipulated or changed by the researcher to observe its effects on the dependent variable.

Bacterial Culture

A procedure involving the growth of bacteria in a controlled and defined environment, usually on a nutrient media in a lab.