Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 72 units @ $25 7 Sale 53 units 15 Purchase 70 units @ $29 24 Sale 23 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a)the cost of goods so 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31 Newt
a. Total units sold = 53+23 = 76 units
|
Particulars |
No. of Units |
Cost per unit |
Total Value |
|
Beginning Inventory (72-53) |
19 |
$25 |
$475 |
|
Purchase (23-19 units) |
4 |
$29 |
$116 |
|
Cost of goods sold on october 24 |
$591 |
b.
|
Particulars |
No. of Units |
Cost per unit |
Total Value |
|
Ending units Inventory (72+70-53-23) |
66 |
$29 |
$1,914 |
|
Ending inventory on october 31 |
$1,914 |
