Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Oct. 1 Oct. 7 Oct. 15 Oct. 24 Inventory Sale Purchase Sale Value 38 units @ $24 26 units 30 units @ $26 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:

Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Oct. 1 Oct. 7 Oct. 15 Oct. 24 Inventory Sale Purchase Sale Value 38 units @ $24 26 units 30 units @ $26 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:

Name: Beginning inventory, purchases, and sales for Item Zeta9 are as follo
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Description: Beginning inventory, purchases, and sales for Item Zeta9 are as follows:Date Line Item DescriptionOct. 1Oct. 7Oct. 15Oct. 24InventorySalePurchaseSaleValue38 units @ $2426 units30 units @ $2617 unitsAssuming a perpetual inventory system and using the

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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