Please do not give solution in image format thanku Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are asfollows:InventorySaleOct. 171554 units @ $162429 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of the goods sold onOctober 24 and (b) the value of inventory on hand on October 31.a. Cost of the goods sold on October 24b. Inventory value on October 31Purchase70 units @ $15Sale48 unitstA

As per FIFO method inventories from first lot will be sold out first and subsequent lot inventories…

Answered: Perpetual Inventa Beginning invento…

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Accounting

Perpetual Inventa Beginning invento follows: Oct. 1 7 15 24

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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Please do not give solution in image format thanku

Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as
follows:
Inventory
Sale
Oct. 1
7
15
54 units @ $16
24
29 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 value of inventory on hand on October 31.
a. Cost of the goods sold on October 24
b. Inventory value on October 31
Purchase
70 units @ $15
Sale
48 units
tA

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