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Perpetual Inventa Beginning invento follows: Oct. 1 7 15 24

Perpetual Inventa Beginning invento follows: Oct. 1 7 15 24

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 Zeta9 are as follows: Inventory Sale Oct. 1 7 15 54 units @ $16 24 29 units Assuming a perpetual inventory system and using the first-in, first- out (FIFO) method, determine (a) the cost of the goods sold on October 24 and (b) the value of inventory on hand on October 31. a. Cost of the goods sold on October 24 b. Inventory value on October 31 Purchase 70 units @ $15 Sale 48 units tA
Transcribed Image Text:Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Inventory Sale Oct. 1 7 15 54 units @ $16 24 29 units Assuming a perpetual inventory system and using the first-in, first- out (FIFO) method, determine (a) the cost of the goods sold on October 24 and (b) the value of inventory on hand on October 31. a. Cost of the goods sold on October 24 b. Inventory value on October 31 Purchase 70 units @ $15 Sale 48 units tA
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