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 | 200 units at $30 | |
7 | Sale | 160 units | |
15 | Purchase | 180 units at $33 | |
24 | Sale | 150 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.
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