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Perpetual inventory using FIFOBeginning inventory, purchases, and sales for Item Zeta 9 are as follows:DateLine Item DescriptionValueOct. 1 Inventory 4 8 units @ $ 2

Perpetual inventory using FIFOBeginning inventory, purchases, and sales for Item Zeta9 are as follows:DateLine Item DescriptionValueOct. 1Inventory48 units @ $21Oct. 7Sale37 unitsOct. 15Purchase29 units @ $23Oct. 24Sale20 unitsAssuming 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.

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