eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 71 units @ $20 7 Sale 50 units 15 Purchase 71 units @ $22 24 Sale 27 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) a. Cost of goods sold on October 24 552 b. Inventory on October 31 Feedback Check My Work a When the FIFO method is used, costs are included in cost of goods sold in the remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases. Check My Work 1 more Check My Work uses remaining