Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta are as follows: Oct. 1 Inventory 63 units $21 7 Sale 42 units 15 Purchase 43 units $22 24 Sale 27 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 4,560 X b. Inventory on October 31 2,640 X