Perpetual Inventory Using FIFO Beginning ifventory, purchases, and sales for Item Zetag are as follows: Assuming a perpetual inwentery system and using the firse-in, first-out (FIfo) methed, determine (o) the cost of the goods sold on October 24 and (o) the value of inventory on hand on October 31. a. Cost of the goods sold on Oxtober 24 b. Inventory value on October 31