Beginning inventory, purchases, and sales for Item Zeta9 are as follows: 47 units $18 34 units 31 units @ $19 17 units Oct. 1 7 15 24 Sale 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. a. Cost of goods sold on October 24 b. Inventory on October 31 Inventory Sale Purchase 4

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1
47 units
$18
7
34 units
15
31 units $19
24 Sale
17 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.
a. Cost of goods sold on October 24
b. Inventory on October 31
Inventory
Sale
Purchase
Transcribed Image Text:Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 47 units $18 7 34 units 15 31 units $19 24 Sale 17 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. a. Cost of goods sold on October 24 b. Inventory on October 31 Inventory Sale Purchase
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