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Beginning inventory, purchases, and sales for Item Zeta are as follows Oct. 1 Inventory 75 units s20 Saie 53 unts 15 Purchase 63 units s22 24 Sale 26 units Assuming a perpetual inventory system and using the frst-in, first-out (FIFO) method, determine (a) the cost of goods soid on October 24 and (0) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31

Beginning inventory, purchases, and sales for Item Zeta are as follows Oct. 1 Inventory 75 units s20 Saie 53 unts 15 Purchase 63 units s22 24 Sale 26 units Assuming a perpetual inventory system and using the frst-in, first-out (FIFO) method, determine (a) the cost of goods soid on October 24 and (0) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta are as follows Oct. 1 Inventory 75 units $20 Sale 53 units 15 Purchase 63 units o s22 24 Sale 26 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. . Cost of goods sold on October 24 b. Inventory on October 31
Transcribed Image Text:Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta are as follows Oct. 1 Inventory 75 units $20 Sale 53 units 15 Purchase 63 units o s22 24 Sale 26 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. . Cost of goods sold on October 24 b. Inventory on October 31
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