Perpetual inventory using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1 Inventory41 units @ $22Oct. 7 Sale27 unitsOct. 15 Purchase42 units @ $24Oct. 24 Sale19 unitsAssuming 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 onOctober 31.a. Cost of goods sold on October 24b. Inventory on October 31

We need to follow the transactions in order and apply FIFO:October 1 Inventory: 41 units @ $22…

Answered: Perpetual inventory using FIFO…

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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Please help me with correct answer thanku
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units at $33 $264 Aug. 7 Purchase 18 units at $35 630 Dec. 11 Purchase 15 units at $37 555 41 units $1,449 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $
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