Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 72 units @ $19 Oct. 7 Sale 51 units Oct. 15 Purchase 61 units @ $22 Oct. 24 Sale 29 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 72 units @ $19 Oct. 7 Sale 51 units Oct. 15 Purchase 61 units @ $22 Oct. 24 Sale 29 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
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 2PEA: Beginning inventory, purchases, and sales for Item Widget are as follows: Assuming a perpetual...
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![Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 Inventory
Oct. 7 Sale
72 units @ $19
51 units
Oct. 15 Purchase
61 units @ $22
29 units
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.
a. Cost of goods sold on October 24
b. Inventory on October 31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa10ad7cc-7834-4c0f-b723-9cabfddeea70%2F8bf52648-230f-4281-878f-74afeb24ed54%2Fy0ghh0s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 Inventory
Oct. 7 Sale
72 units @ $19
51 units
Oct. 15 Purchase
61 units @ $22
29 units
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.
a. Cost of goods sold on October 24
b. Inventory on October 31
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