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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

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Accounting

Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
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
b. Inventory value on October 31
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a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were
purchased. Think of your inventory in terms of "layers". Determine how much inventory remains from each
layer after each sale.
b. The ending inventory is made up of the most recent purchases.
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