Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 43 units $19 7 Sale 29 units 15 Purchase 37 units @ $20 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 b. Inventory on October 31 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 82 units $26 8 Sale 66 units 15 Purchase 91 units $28 27 Sale 75 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 The following units of a particular item were available for sale during the year: Beginning inventory Sale First purchase Sale Second purchase Sale 150 units @ $755 120 units 400 units @ $785 200 units 300 units @ $805 290 units The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year. What is the total cost of ending inventory according to LIFO? FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 27 units at $40 Sale 15 units at $62 First purchase 32 units at $43 Sale 15 units at $64 Second purchase 23 units at $45 Sale 8 units at $64 The firm uses the perpetual inventory system, and there are 44 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? $ b. What is the total cost of the ending inventory according to LIFO