Question: Question Content Area Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 72 units @ $16

Question Content Area

Perpetual Inventory Using FIFO

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

Oct. 1	Inventory	72 units @ $16
7	Sale	55 units
15	Purchase	86 units @ $18
24	Sale	22 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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