Perpetual Inventory Using FIFO

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

Oct. 1		Inventory	62 units @ $24
7		Sale	51 units
15		Purchase	52 units @ $25
24		Sale	15 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

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item 88-HX are as follows:

Mar. 1		Inventory	96 units @ $17
8		Sale	77 units
15		Purchase	107 units @ $19
27		Sale	90 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31.

a. Cost of goods sold on Mar. 27	$fill in the blank 1
b. Inventory on Mar. 31	$fill in the blank 2