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Beginning inventory, purchases, and sales for Item Zeta9 are as follows:

Oct.1Inventory43 units @ $25
7Sale 31units
15Purchase28 units @ $28
24Sale 21units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine
(a) the cost of goods sold on October 24
(b) the inventory on October 31.

Respuesta :

phamdiep1810

Answer:

(a) The cost of goods sold on October 24

: $552

(b) The inventory on October 31: $532, (with 19 units)

Explanation:

The company uses a perpetual inventory system and using the first-in, first-out (FIFO) method for Item Zeta9, the answers are explaned with the help of the attached file:

The Cost of goods sold on October 24: $300+$252=$552                              

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