Question
Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 60 units @ $21 7 Sale 44 units 15 Purchase 41
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
| Oct. 1 | Inventory | 60 units @ $21 | |
| 7 | Sale | 44 units | |
| 15 | Purchase | 41 units @ $24 | |
| 24 | Sale | 21 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 | |
| b. Inventory on October 31 |
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
978-0078025587
