Hello, I do not understand how to solve these questions. Would you please help with a solution for these questions. I have left the answers that I came up with, but they continue to be incorrect.

Questions:

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item Zeta9 are as follows:

Oct. 1 Inventory 74 units @ $17

7 Sale 58 units

15 Purchase 81 units @ $20

24 Sale 25 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 = $500

b. Inventory on October 31 = $56

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Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item 88-HX are as follows:

Oct. 1 Inventory 106 units @ $22

8 Sale 85 units

15 Purchase 118 units @ $24

27 Sale 99 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31.

a. Cost of goods sold on Oct. 27 = $2,376

b. Inventory on Oct. 31 = $40

Feedback

a. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases. Think of your inventory in terms of "layers." Determine how much inventory remains from each layer after each sale.

b. The ending inventory is made up of the oldest purchases.