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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 62 units @ $24 7 Sale 51
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 | Inventory | 62 units @ $24 | |
7 | Sale | 51 units | |
15 | Purchase | 52 units @ $25 | |
24 | Sale | 15 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 |
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
Mar. 1 | Inventory | 96 units @ $17 | |
8 | Sale | 77 units | |
15 | Purchase | 107 units @ $19 | |
27 | Sale | 90 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31.
a. Cost of goods sold on Mar. 27 | $fill in the blank 1 |
b. Inventory on Mar. 31 | $fill in the blank 2 |
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