eBook Show Me How Question Content Area Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows Oct 1 Inventory 78 units $18 7 Sale 64 units 15 Purchase 48 units $20 24 Sale 21 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 1 b Inventory on October 31 $fill in the blank 2

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Question: eBook Show Me How Question Content Area Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory

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Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item Zeta9 are as follows:

Oct. 1	Inventory	78 units @ $18
7	Sale	64 units
15	Purchase	48 units @ $20
24	Sale	21 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 1
b. Inventory on October 31	$fill in the blank 2

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