Fifo # Perpetual Inventory Using FIFO### Beginning Inventory, Purchases, and Sales for Item Zeta9:- **October 1:** Inventory – 47 units @ $18- **October 7:** Sale – 34 units- **October 15:** Purchase – 33 units @ $21- **October 24:** Sale – 17 units### Instructions:Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine:a. The cost of goods sold on October 24b. The inventory on October 31### Answers:- **a. Cost of goods sold on October 24:** [Input box] (incorrect entry indicated by 'X')- **b. Inventory on October 31:** [Input box] (incorrect entry indicated by 'X')### Feedback:- **a.** When the FIFO method is used, costs are included in the cost of goods sold in the order in which they were purchased. Think of your inventory in terms of "layers." Determine what remains from each layer after each sale.- **b.** The ending inventory is made up of the most recent purchases.

Name: Fifo # Perpetual Inventory Using FIFO### Beginning Inventory, Purchase
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Fifo # Perpetual Inventory Using FIFO### Beginning Inventory, Purchases, and Sales for Item Zeta9:- **October 1:** Inventory – 47 units @ $18- **October 7:** Sale – 34 units- **October 15:** Purchase – 33 units @ $21- **October 24:** Sale – 17 units#