Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows Date Line Item Description Value Oct 1 Inventory 40 units $24 Oct 7 Sale 30 units Oct 15 Purchase 44 units $26 Oct 24 Sale 14 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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Question: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Value Oct. 1 Inventory 40 units

Perpetual inventory using FIFO

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

Date	Line Item Description	Value
Oct. 1	Inventory	40 units @ $24
Oct. 7	Sale	30 units
Oct. 15	Purchase	44 units @ $26
Oct. 24	Sale	14 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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