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Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: Date Line Item Description Value Oct. 1 Inventory 5

Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
Date Line Item Description Value
Oct. 1 Inventory 52 units @ $15
Oct. 7 Sale 38 units
Oct. 15 Purchase 38 units @ $17
Oct. 24 Sale 23 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 of 2
b. Inventory on October 31 fill in the blank 2 of 2

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