26.*

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: Oct. 1 Inventory 69 units @ $24 7 Sale 50 units 15 Purchase 54 units @ $25 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. a. Cost of goods sold on October 24 b. Inventory on October 31 Gross Profit During the current year, merchandise is sold for $114,900 cash and $616,100 on account. The cost of the goods sold is $511,700. What is the amount of the gross profit? $