Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 76 units @ $18 Oct. 7 Sale 63 units Oct. 15 Purchase 52 units @ $21 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 b. Inventory on October 31 339 ✓ x

Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 76 units @ $18 Oct. 7 Sale 63 units Oct. 15 Purchase 52 units @ $21 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 b. Inventory on October 31 339 ✓ x

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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