Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows:...
80.2K
Verified Solution
Link Copied!
Question
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
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.