Perpetual Inventory using FIFO Beginning Inventory, purchases, and sales for Item are as follows Oct. $1$ Inventory $78$ units $$23$ Oct. $7$ Sale $64$ units Oct. $15$ Purchase $78$ units $25$ Oct. $24$ Sale$22$ units Assuming a perpetual inventory system and using the firstinfirst$-$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 $24$ bInventory on October $31$