Aerpetual liventory using fifo Eeginning inventory, purchases, and sales for ttem zetag are as follows: Assuming a perpetual ieventory system and using the firstin, Sirst-out (FIFO) method, determine (a) the cost of ocods sold on october 24 and (b) the inventory on October 31 . a. Cost of pocas sold on october 24 x b. Inventory on October 31 x teestan roteit by wor a. When the Firo method is used, costs are included in cost of beods sodd in the order in wivich they were purchased, ihink of vour inventory in terihs of "lavers", Determine ho much inventary remains from each taver after exch sale. b. The ending inventorv is made up of the most recent purchases