Question
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 41 units @ $15 7 Sale 29
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
| Oct. 1 | Inventory | 41 units @ $15 | |
| 7 | Sale | 29 units | |
| 15 | Purchase | 25 units @ $17 | |
| 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.
| a. Cost of goods sold on October 24 | $fill in the blank 1 |
| b. Inventory on October 31 |
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Cost Accounting Traditions And Innovations
Authors: Jesse T. Barfield, Cecily A. Raiborn, Michael R. Kinney
3rd Edition
9780538880473
