Question

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

Answer 1

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                              

Download xlsx