FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
| Oct. 1 | Inventory | 42 units @ $16 | |
| 7 | Sale | 31 units | |
| 15 | Purchase | 45 units @ $18 | |
| 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 |
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