RESPOND ASAP PLEASE!!!

5) Beginning inventory, purchases, and sales for Item S are as follows:

Oct. 1

Inventory

7

Sale

15

Purchase

24

Sale

100 units @ $30

80 units

50 units @ $40

60 units

Finish attempt

Assume the company uses a perpetual inventory system and the first-in, first-out (FIFO) method.

1. Determine the cost of goods sold for the October 24 sale.

2. Determine the cost of ending inventory at the end of the month.

11) Journalize the following merchandise transactions, a perpetual inventory system.

Sold merchandise on account, $15,000 with terms 3/10, n/30. The cost of the goods sold was $8,000.