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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: (Please show steps, this is confusing, thank you!) Oct. 1
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows: (Please show steps, this is confusing, thank you!)
Oct. 1 | Inventory | 43 units @ $25 | |
7 | Sale | 31 units | |
15 | Purchase | 28 units @ $28 | |
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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