Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 37 units @ $19 Oct. 7 Sale 31 units Oct. 15 Purchase 43 units @ $21 Oct. 24 Sale 15 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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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mework: Chapter 6
Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 Inventory
37 units @ $19
Oct. 7 Sale
31 units
43 units @ $21
15 units
Purchase
eBook
a. Cost of goods sold on October 24
b. Inventory on October 31
Show Me How
Oct. 15
Oct. 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.
Transcribed Image Text:mework: Chapter 6 Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 37 units @ $19 Oct. 7 Sale 31 units 43 units @ $21 15 units Purchase eBook a. Cost of goods sold on October 24 b. Inventory on October 31 Show Me How Oct. 15 Oct. 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.
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