Question
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 39 units @ $22 7 Sale 25
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
| Oct. 1 | Inventory | 39 units @ $22 | |
| 7 | Sale | 25 units | |
| 15 | Purchase | 27 units @ $23 | |
| 24 | Sale | 20 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 |
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Managerial Accounting
Authors: John Wild, Ken Shaw, Barbara Chiappetta
8th Edition
1264111924, 9781264111923
