Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 36 units @ $19 7 Sale 28 units 15 Purchase 33 units @ $21 24 Sale 13 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of the goods sold on October 24 and (b) the in October 31. a. Cost of the goods sold on October 24 b. Inventory value on October 31 21.8 X 627 X Feedback Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of "layers". Determine how mu inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases.

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 36 units @ $19 7 Sale 28 units 15 Purchase 33 units @ $21 24 Sale 13 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of the goods sold on October 24 and (b) the in October 31. a. Cost of the goods sold on October 24 b. Inventory value on October 31 21.8 X 627 X Feedback Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of "layers". Determine how mu inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases.

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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