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

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Description: Perpetual inventory using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:Oct. 1 Inventory200 units at $40Oct. 7 Sale180 unitsOct. 15180 units at $45Oct. 24 Sale150 unitsAssuming a perpetual inventory system and using the

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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