eBook Show Me How Caloulator Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta are as follows: Oct. 1 Inventory 59 units o $23 Sale 40 units 15 Purchase 48 units e $27 24 Sale 24 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 Fedeck Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in tams of ayers" Inventory remains from each layer after each sale Determine how much b. The ending inventory is made up of the most recent purchases. Check My Work Previous Next All work saved. Save and Exit Submit Asignment for Grading 14 MacBook Pro %23 %3D K L