Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 65 units @ $25 7 Sale 45 units 15 Purchase 44 units @ $26 24 Sale 24 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 $fill in the blank 1 b. Inventory value on October 31 $fill in the blank 2
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 65 units @ $25 7 Sale 45 units 15 Purchase 44 units @ $26 24 Sale 24 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 $fill in the blank 1 b. Inventory value on October 31 $fill in the blank 2
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...
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