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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 53 units @ $23 7 Sale 40
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 | $ |
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