Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows:...
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Accounting
Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Date
Line Item Description
Value
Oct. 1
Inventory
67 units @ $23
Oct. 7
Sale
48 units
Oct. 15
Purchase
44 units @ $27
Oct. 24
Sale
25 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 of 2 b. Inventory on October 31
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