Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1 Inventory73 units @ $257 Sale48 units15 Purchase85 units @ $2624 Sale33 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31.a. Cost of goods sold on October 24$fill in the blank 1b. Inventory on October 31$fill in the blank 2 Beginning inventory, purchases, and sales for Item 88-HX are as follows:July 1 Inventory106 units @ $158 Sale85 units15 Purchase118 units @ $1827 Sale99 unitsAssuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31.a. Cost of goods sold on July 27$fill in the blank 1b. Inventory on July 31$fill in the blank 2

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Description: Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1 Inventory73 units @ $257 Sale48 units15 Purchase85 units @ $2624 Sale33 unitsAssuming a perpetual inventory system and using the first-in, fi

In accounting we value inventory using different methods like FIFO, LIFO etc. FIFO is the first in…

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 44E: Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual...

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Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item Zeta9 are as follows:

Oct. 1	Inventory	73 units @ $25
7	Sale	48 units
15	Purchase	85 units @ $26
24	Sale	33 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.

a. Cost of goods sold on October 24	$fill in the blank 1
b. Inventory on October 31	$fill in the blank 2

Beginning inventory, purchases, and sales for Item 88-HX are as follows:

July 1	Inventory	106 units @ $15
8	Sale	85 units
15	Purchase	118 units @ $18
27	Sale	99 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31.

a. Cost of goods sold on July 27	$fill in the blank 1
b. Inventory on July 31	$fill in the blank 2

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