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the cost of the goods sold on nd (b) the inventory value on October

the cost of the goods sold on nd (b) the inventory value on October

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...
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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 63 units @ $21 7 Sale 50 units 15 Purchase 71 units @ $24 24 Sale 20 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 inventory value on October 31.
Transcribed Image Text:Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 63 units @ $21 7 Sale 50 units 15 Purchase 71 units @ $24 24 Sale 20 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 inventory value on October 31.
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