Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Value Oct. 1 Inventory 48 units @ $25 Oct. 7 Sale 39 units Oct. 15 Purchase 48 units @ $29 Oct. 24 Sale 18 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 fill in the blank 1 of 2 b. Inventory on October 31 fill in the blank 2 of 2

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Perpetual inventory using FIFO Beginning inventory,
purchases, and sales for Item Zeta9 are as follows: Date
Line Item Description Value Oct. 1 Inventory 48 units @ $25
Oct. 7 Sale 39 units Oct. 15 Purchase 48 units @ $29 Oct. 24
Sale 18 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 fill in the
blank 1 of 2 b. Inventory on October 31 fill in the blank 2 of
2
Transcribed Image Text:Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Value Oct. 1 Inventory 48 units @ $25 Oct. 7 Sale 39 units Oct. 15 Purchase 48 units @ $29 Oct. 24 Sale 18 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 fill in the blank 1 of 2 b. Inventory on October 31 fill in the blank 2 of 2
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