Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows Oct 1 Inventory 60 units $21 7 Sale 44 units 15 Purchase 38 units $24 24 Sale 25 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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Question: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 60 units @ $21 7 Sale 44

Perpetual Inventory Using FIFO

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

Oct. 1	Inventory	60 units @ $21
7	Sale	44 units
15	Purchase	38 units @ $24
24	Sale	25 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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