Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1   Inventory 56 units @ $20 7   Sale 43 units 15   Purchase 60 units @ $22 24   Sale 18 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.

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Chapter1: Financial Statements And Business Decisions
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Perpetual Inventory Using FIFO

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

Oct. 1   Inventory 56 units @ $20
7   Sale 43 units
15   Purchase 60 units @ $22
24   Sale 18 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.

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