Respected expert please answer it with full working like explanation , computation , formulation and with steps for better understanding thanks Perpetual inventory using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1 Inventory69 units @ $19Oct. 7Sale50 unitsOct. 15Purchase.70 units @ $22Oct. 24 Sale26 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold onOctober 24 and (b) the inventory on October 31.a. Cost of goods sold on October 24b. Inventory on October 31

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Description: Respected expert please answer it with full working like explanation , computation , formulation and with steps for better understanding thanks Perpetual inventory using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct.

Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Business

Accounting

Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Oct. 7 Oct. 15 Oct. 24 Sale Inventory Sale Purchase 69 units @ $19 50 units 70 units @ $22 26 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

Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Oct. 7 Oct. 15 Oct. 24 Sale Inventory Sale Purchase 69 units @ $19 50 units 70 units @ $22 26 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

Section: Chapter Questions

Problem 1Q

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