petual Inventory Using FIFO ginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 200 units at $30 7 Sale 160 units 15 Purchase 180 units at $33 24 Sale 150 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) me October 31. a. Cost of goods sold on October 24 b. Inventory on October 31 X Feedback Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases. Check My Work All work saved. Hi Yea