Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta are as follows: Oct. 1 Inventory 55 units $25 7 Sale 43 units 15 Purchase 39 units $27 24 Sale 18 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 24 450 X b. Inventory on October 31 825 X