The beginning inventory, purchases and sales of the item Zeta9 are as follows:

October 1st		Inventory	175 units at $30
7		Sale	155 units
15		Purchase	200 units at $33
24		Sale	140 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

(b) the inventory on October 31.

Answer rating: 100% (QA)

To determine the cost of goods sold on October 24 and the inventory on October 31 using the FIFO met... View the full answer