Question: 1. BE.06.08 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: 2. BE.06.05.ALGO Oct. 1 Inventory 74 units

1. BE.06.08 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales

1. BE.06.08 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: 2. BE.06.05.ALGO Oct. 1 Inventory 74 units @ $24 3. BE.06.02.ALGO 7 Sale 58 units 15 Purchase 50 units @ $27 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

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