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eBook Show Me How Question Content Area Perpetual Inventory Using FIFO Beginning inventory, purchases, and...

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Perpetual Inventory Using FIFO

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

Oct. 1 Inventory 73 units @ $20
7 Sale 48 units
15 Purchase 73 units @ $21
24 Sale 29 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
b. Inventory value on October 31 $fill in the blank 2
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