Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 58 units @ $22 Sale 47 units 15 Purchase 48 units @ $23 24 Sale 16 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 Inventory 58 units @ $22 Sale 47 units 15 Purchase 48 units @ $23 24 Sale 16 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

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Description: Perpetual Inventory Using FIFÖBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1Inventory58 units @ $227Sale47 units15Purchase48 units @ $2324Sale16 unitsAssuming a perpetual inventory system and using the first-in, first

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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