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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 Inventory60 units @ $25

7 Sale49 units

15 Purchase67 units @ $29

24 Sale20 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$

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Answer #1

Under FIFO METHOD

Date particular purchases cost of goods sold inventory
Oct 1 beginning inventory 60units×$25= $1500
Oct 7 sales 49units ×$25=$1225 11units×$25=$275
Oct 15 purchases 67units ×$29=$1943

11units×$25=$275

67units×$29=$1943
Oct 24 sales

11units×$25=$275

9units ×$29=$261

 58units ×$29=$1682

cost of goods sold=$1225+$275+$261=$1761

ending inventory =58units ×$29=$1682

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