Perpetual Inventory Using FIFO

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

Oct. 1		Inventory	53 units @ $23
7		Sale	40 units
15		Purchase	46 units @ $26
24		Sale	21 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of the goods sold on October 24 and (b) the value of inventory on hand on October 31.

a. Cost of the goods sold on October 24	$
b. Inventory value on October 31	$