Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 57 units @ $25 7 Sale 46 units 15 Purchase 41 units @ $27 24 Sale 18 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. a. Cost of the goods sold on October 24 $ 464 b. Inventory value on October 31 A 324 X

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 57 units @ $25 7 Sale 46 units 15 Purchase 41 units @ $27 24 Sale 18 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. a. Cost of the goods sold on October 24 $ 464 b. Inventory value on October 31 A 324 X

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Description: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1Inventory57 units @ $257Sale46 units15Purchase41 units @ $2724Sale18 unitsAssuming a perpetual inventory system and using the first-in, first

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...

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