Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1...
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Accounting
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1
Inventory
36 units @ $23
7
Sale
26 units
15
Purchase
25 units @ $26
24
Sale
14 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of the goods sold on October 24 and (b) the value of inventory on hand on October 31.
a. Cost of the goods sold on October 24
b. Inventory value on October 31
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