Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: Oct. 1 Inventory 62 units $24 7 Sale 41 units 15 Purchase 74 units $27 24 Sale 28 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 entry October 31. a. Cost of goods sold on October 24 553 X b. Inventory on October 31