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Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item...

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Accounting

Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Date Line Item Description Value
Oct. 1 Inventory 40 units @ $21
Oct. 7 Sale 27 units
Oct. 15 Purchase 44 units @ $22
Oct. 24 Sale 17 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 inventory value on October 31.
a. Cost of the goods sold on October 24 fill in the blank 1 of 2
b. Inventory value on October 31 fill in the blank 2 of 2

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