Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. .... 1......... Inventory .......... 175
Question:
Oct. .... 1......... Inventory .......... 175 units at $30
.......... 7 ......... Sale ........................ 155 units
......... 15 ....... Purchase ............ 200 units at $33
......... 24 ....... Sale ......................... 140 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?
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Related Book For 
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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