Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows:

Oct. 1 Inventory 46 units @ $17

Oct 7th 7 Sale 39 units

Oct 15th Purchase 36 units @ $20

Oct 24th Sale 16 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