Beginning inventory, purchases, and sales for Item Zeta9 are as follows:
| Oct. 1 | Inventory | 75 units @ $16 | |
| 7 | Sale | 62 units | |
| 15 | Purchase | 75 units @ $18 | |
| 24 | Sale | 21 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.
a. cost of goods sold on october 24 $
b inventory on October 31 $
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Homework Answers
| Date | Purchase | Sales | Balance | |
| Oct-01 | Beginning Balance | 1449 | 69U*21 | |
| Oct-07 | 1092 | 357 | 17U*21 | |
| 52U*21 | ||||
| Oct-15 | 1800 | 357 | 17U*21 | |
| 75U*24 | 1800 | 75U*24 | ||
| 2157 | ||||
| Oct-24 | 357 | |||
| 17U*21 | ||||
| 192 | ||||
| 8U*24 | 1608 | 67U*24 | ||
| 549 | ||||
| Total | 1800 | 1641 | 1608 | |
| Cost of goods sold on October 24 | 1641 | |||
| Inventory on october 31 | 1608 | |||
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