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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 Inventory
65 units @ $20
Oct. 7 Sale
47 units
Oct. 15 Purchase
Oct. 24 Sale
61 units @ $23
24 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
498
b. Inventory on October 31
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