Question: ow Me How Question Content Area Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description
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Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
| Date | Line Item Description | Value |
|---|---|---|
| Oct. 1 | Inventory | 77 units @ $18 |
| Oct. 7 | Sale | 53 units |
| Oct. 15 | Purchase | 54 units @ $21 |
| Oct. 24 | Sale | 28 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.
$_____
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