Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 36 units $21 7 27 units 15 Purchase 32 units $24 24 Sale 17 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. Inventory Sale

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 36 units $21 7 27 units 15 Purchase 32 units $24 24 Sale 17 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. Inventory Sale

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Description: Please help me with correct answer thanku Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Inventory36 units@ $21Sale27 unitsPurchase32 units @ $2424Sale17 unitsAssuming a perpetual inventory syste

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Please help me with correct answer thanku

Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Inventory
36 units@ $21
Sale
27 units
Purchase
32 units @ $24
24
Sale
17 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
357 X
b. Inventory on October 31
Oct. 1
7
15
120 X

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