Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 200 units at $40 Oct. 7 Sale 180 units Purchase 180 units at $45 150 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) inventory on October 31. Oct. 15 Oct. 24 Sale a. Cost of goods sold on October 24 b. Inventory on October 31
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 200 units at $40 Oct. 7 Sale 180 units Purchase 180 units at $45 150 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) inventory on October 31. Oct. 15 Oct. 24 Sale a. Cost of goods sold on October 24 b. Inventory on October 31
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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![Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 Inventory
200 units at $40
Oct. 7 Sale
180 units
Oct. 15
180 units at $45
Oct. 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.
Purchase
a. Cost of goods sold on October 24
b. Inventory on October 31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4919c674-3453-4a4a-9801-20e6bddf35e7%2Faedb65b7-d4f5-4e08-a57a-0c2882495e2f%2F4fpxy8s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 Inventory
200 units at $40
Oct. 7 Sale
180 units
Oct. 15
180 units at $45
Oct. 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.
Purchase
a. Cost of goods sold on October 24
b. Inventory on October 31
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