Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct....

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Question

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 46 units @ $17

Oct 7th 7 Sale 39 units

Oct 15th Purchase 36 units @ $20

Oct 24th Sale 16 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

b. Inventory on October 31

business accounting

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Answer 1

Answer #1

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a.	Cost of goods sold on Oct 24	=	$ 299
	($119 + $180)

b.	Inventory on Oct 31	=	$ 540

	Workings:
		Purchases			Cost of goods sold			Inventory on hand
	FIFO	Quantity	Cost per unit	Total cost	Quantity	Cost per unit	Total cost	Quantity	Cost per unit	Total cost
	Oct-01							46	$ 17	$ 782
	Oct-07				39	$ 17	$ 663	7	$ 17	$ 119
	Oct-15	36	$ 20	$ 720				7	$ 17	$ 119
								36	$ 20	$ 720
	Oct-24				7	$ 17	$ 119	27	$ 20	$ 540
					9	$ 20	$ 180
	Totals	36		720	55		962	27		$ 540

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Answer 2

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