Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 49 units @ $17 7 Sale 34 units 15 Purchase 54 units @ $19 24 Sale 22 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.
Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 49 units @ $17 7 Sale 34 units 15 Purchase 54 units @ $19 24 Sale 22 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 | Inventory | 49 units @ $17 | |
7 | Sale | 34 units | |
15 | Purchase | 54 units @ $19 | |
24 | Sale | 22 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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