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Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1...

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Accounting

Beginning inventory, purchases, and sales for Item Zeta9 are as follows:

Oct. 1 Inventory 36 units @ $23
7 Sale 26 units
15 Purchase 25 units @ $26
24 Sale 14 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of the goods sold on October 24 and (b) the value of inventory on hand on October 31.

a. Cost of the goods sold on October 24
b. Inventory value on October 31

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