Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 40 units @ $16 7 Sale 32 units 15 Purchase 48 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
Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 40 units @ $16 7 Sale 32 units 15 Purchase 48 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 | Inventory | 40 units @ $16 | |
7 | Sale | 32 units | |
15 | Purchase | 48 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.
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