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Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 35 units @ $16 7 Sale 25 units 15 Purchase 41
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 | Inventory | 35 units @ $16 | |
7 | Sale | 25 units | |
15 | Purchase | 41 units @ $18 | |
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.
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