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Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows:...

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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 67 units @ $23
Oct. 7 Sale 48 units
Oct. 15 Purchase 44 units @ $27
Oct. 24 Sale 25 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.

a. Cost of goods sold on October 24 fill in the blank 1 of 2 b. Inventory on October 31

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