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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as followS:
Oct. 1
Inventory
72 units @ $20
7.
Sale
58 units
15
Purchase
50 units @ $24
24
Sale
22 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](https://content.bartleby.com/qna-images/question/60518c46-9a6d-435e-a91d-c372f77de598/deb154d6-6140-477d-9e92-6b01801e6288/12v1drd_thumbnail.jpeg)
Transcribed Image Text:%24
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as followS:
Oct. 1
Inventory
72 units @ $20
7.
Sale
58 units
15
Purchase
50 units @ $24
24
Sale
22 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
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- I need answer of first 3 question ( 1 , 2 and 3) please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)arrow_forwardBeginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 92 units @ $18 8. Sale 74 units 15 Purchase 102 units @ $21 27 Sale 86 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31arrow_forwardPerpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: October 1 Inventory 108 units @ $20 5 Sale 86 units 11 Purchase 120 units @ $24 21 Sale 101 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31. a. Cost of merchandise sold on October 21 $fill in the blank 1 b. Inventory on October 31 $fill in the blank 2arrow_forward
- Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 80 units @ $23 8 Sale 64 units 15 Purchase 89 units @ $27 27 Sale 75 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31.arrow_forwardPerpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Value Oct. 1 Inventory 39 units @ $15 Oct. 7 Sale 31 units Oct. 15 Purchase 39 units @ $17 Oct. 24 Sale 13 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 fill in the blank 1 of 2b. Inventory on October 31 fill in the blank 2 of 2arrow_forwardPerpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88 - HX are as follows: Mar. 1 Inventory 104 units @ $168 Sale 83 units 15 Purchase 115 units @ $20 27 Sale 97 units Assuming a perpetual inventory system and using the last -in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goodssold on Mar. 27 $ fill in the blank 1 b. Inventory on Mar. 31 $ fill in the blank 2arrow_forward
- Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 82 units @ $20 July 8 Sale 66 units July 15 Purchase 91 units @ $24 July 27 Sale 76 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31arrow_forwardPerpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 5 Inventory Sale 104 units @ $22 83 units 11 Purchase 115 units @ $24 21 Sale 97 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 b. Inventory on July 31arrow_forward
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