Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item Zeta$9$ are as follows:

Assuming a perpetual inventory system and using the first$-$in$,$ first$-$out $($FIFO$)$ method,

determine $($a$)$ the cost of the goods sold on October $24$ and $($b$)$ the inventory value on October

a$.$ Cost of the goods sold on October $24$$

b$.$ Inventory value on October $31$