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:
Oct. 1
Inventory
79 units @ $25
7
Sale
62 units
15
Purchase
67 units @ $29
24
Sale
23 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
b. Inventory on October 31 $fill in the blank
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