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Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:
Oct. 1 nventory 43 units @ $187
7 Sale 35 units
15 Purchase 27 units @ $2024
24 Sale 17 units
Problem 1: 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 $
b. Inventory on October 31
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