Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: 78 units @ $16 Oct. 1 Inventory Sale 7 62 units 15 Purchase 89 units $19 24 units 24 Sale 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 . Cost of goods sold on October 24 b. Inventory on October 31