Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as...
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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: Oct. 1 Inventory 5 0 units @ $20 7 Sale 38 units 15 Purchase 46 units @ $22 24 Sale 20 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 $ b. Inventory on October 31 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 106 units @ $33 8 Sale 85 units 15 Purchase 118 units @ $37 27 Sale 99 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31. $ a. Cost of goods sold on Oct. 27 b. Inventory on Oct. 31
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