Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 56 units @ $20 7 Sale 43 units 15 Purchase 60 units @ $22 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.
Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 56 units @ $20 7 Sale 43 units 15 Purchase 60 units @ $22 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.
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 | 56 units @ $20 | |
7 | Sale | 43 units | |
15 | Purchase | 60 units @ $22 | |
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.
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