Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 200 units at $40 Oct. 7 Sale 180 units Purchase 180 units at $45 150 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) inventory on October 31. Oct. 15 Oct. 24 Sale 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 200 units at $40 Oct. 7 Sale 180 units Purchase 180 units at $45 150 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) inventory on October 31. Oct. 15 Oct. 24 Sale a. Cost of goods sold on October 24 b. Inventory on October 31

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Description: Perpetual inventory using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1 Inventory200 units at $40Oct. 7 Sale180 unitsOct. 15180 units at $45Oct. 24 Sale150 unitsAssuming a perpetual inventory system and using the

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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