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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

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
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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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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