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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 62 units @ $24 7 Sale 51

Perpetual Inventory Using FIFO

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

Oct. 1 Inventory 62 units @ $24
7 Sale 51 units
15 Purchase 52 units @ $25
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.

a. Cost of goods sold on October 24 $fill in the blank 1
b. Inventory on October 31 $fill in the blank 2

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item 88-HX are as follows:

Mar. 1 Inventory 96 units @ $17
8 Sale 77 units
15 Purchase 107 units @ $19
27 Sale 90 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 $fill in the blank 1
b. Inventory on Mar. 31 $fill in the blank 2

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