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Determine the cost of goods sold on october

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Question - Perpetual Inventory Using FIFO - Beginning inventory, purchases, and sales for Item Zeta9 are as follows:

Oct. 1 Inventory 42 units @ $17

Oct. 7 Sale 34 units

Oct. 15 Purchase 35 units @ $20

Oct. 24 Sale 17 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.

Reference no: EM133074041

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