Perpetual inventory using Fifo Beginning inventory, purchases, and saies for ttem-Zetag are as follows: Assurting 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 Qctober 31 a. Cost of goods sold on October 24 x b. Ieventory on October 31 x feenten rowa hy Wak a. When the FIFO methed is ufed, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of "iayers" Determine how much inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases