Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory Oct. 7 Sale Oct. 15 Purchase Oct. 24 Sale 68 units @$17 55 units 45 units $20 20 units Assuming a perpetual inventory system and using the first-in, first-cut (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 Feedback Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of "layers" Determine how much inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases.

Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory Oct. 7 Sale Oct. 15 Purchase Oct. 24 Sale 68 units @$17 55 units 45 units $20 20 units Assuming a perpetual inventory system and using the first-in, first-cut (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 Feedback Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of "layers" Determine how much inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases.

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Description: Perpetual inventory using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1 InventoryOct. 7 SaleOct. 15 PurchaseOct. 24 Sale68 units @$1755 units45 units $2020 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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