Perpetual Inventory UsingFIFO

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

Oct. 1 Inventory 200 units at $30

Oct.7 Sale 160 units

Oct.15 Purchase 180 units at $33

Oct.24 Sale 150 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 $________