A please **Perpetual Inventory Using FIFO**Beginning inventory, purchases, and sales for Item Zeta9 are as follows:- **Oct. 1**: Inventory of 50 units @$20- **Oct. 7**: Sale of 33 units- **Oct. 15**: Purchase of 30 units @$22- **Oct. 24**: Sale of 26 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine:(a) The cost of goods sold on October 24(b) The inventory on October 31- **a. Cost of goods sold on October 24**: $1,198 (incorrect)- **b. Inventory on October 31**: $462 (correct)**Feedback**:- **Check My Work**: - **a.** When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of "layers". Determine how much inventory remains from each layer after each sale. - **b.** The ending inventory is made up of the most recent purchases.

Name: A please **Perpetual Inventory Using FIFO**Beginning inventory, purcha
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: A please **Perpetual Inventory Using FIFO**Beginning inventory, purchases, and sales for Item Zeta9 are as follows:- **Oct. 1**: Inventory of 50 units @$20- **Oct. 7**: Sale of 33 units- **Oct. 15**: Purchase of 30 units @$22- **Oct. 24**: Sale of 26