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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 Inventory44 units @ $22
Oct 7 Sale36 units
Oct 15 Purchase51 units @ $26
Oct 24 Sale13 units
Problem 1: 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.
What are thoughts about how the phrase could still be true? why do you suppose accounting would be considered the language of business?
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