Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 64 units @ $24 17 Sale 51 units 15 Purchase 67 units @ $28 24 Sale 19 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 1,704 X b. Inventory on October 31 1,7087 Feedback CRMy Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of Mayers" Determine how much inventory remains from each layer after each sale b. The ending inventory is made up of the most recent purchases eBook Show Me Hos Calculator Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 104 units $16 8 Sale 83 units 15 Purchase 115 units $18 27 Sale 97 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar 27 and (b) the inventory on Mar. 31. a. Cost of goods sold on Mar. 27 b. Inventory on Mar. 31 LILY uy three methods The units of an item available for sale during the year were as follows: Jul. Jan. 1 Inventory 2,300 units at $6 Feb. 17 Purchase 3,100 units at $7 21 Purchase 2,700 units at $8 Nov. 23 Purchase 1,900 units at $9 There are 2,200 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. THIH Open spreadsheet a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar $ 38,700 X b. Determine the inventory cost by the last-in, first-out method. Round your answer to the nearest dollar 5 c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar