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Question - Perpetual Inventory Using FIFO - Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 Inventory 59 units @ $17
Oct. 7 Sale 44 units
Oct. 15 Purchase 66 units @ $19
Oct. 24 Sale 23 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.
The bonds were retired on January 7, 2020 at 105 and incurred a transaction cost of P20,000. How much is the initial carrying amount of the bonds
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