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Determine the cost of goods sold on October

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Reference no: EM133034281

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

Oct. 1 Inventory 70 units @ $15

Oct. 7 Sale 47 units

Oct. 15 Purchase 69 units @ $17

Oct. 24 Sale 28 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: EM133034281

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