Question
Hello I need help with this please.
Thank you
1 BE.06-01.ALGO 2. BE 06-02 ALGO 3. BE 06-03 ALGO 4. BE.06-04 5. BE 06-06 ALGO 6. BE 06-07 ALGO Beginning inventory, purchases, and sales for Item Zeta9 are as follows Oct. 1 Inventory 40 units @ $24 34 units 43 units $27 purchase13 units 24 Sale tory system and using the first-in, first-out (FIFO) method, determine (ajthe cost of goods sold on October 24 and (b) th on October 31. a. Cost of goods sold on October 24 x b. Inventory on October 31 53 PM 4/4/2018 ?
Explanation / Answer
Calculate cost of goods sold and ending inventory under FIFO :
Cost of goods sold = (40*24+7*27) = 1149
Ending inventory = 36*27 = 972