PRACTICE PROBLEMS PERPETUAL Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zegare as follows: Oct.1 Inventory 175 units at $30 1 Sale 155 units 15 Purchase 200 units at $33 24 Sale 140 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. Cost of goods sold on October 24 b. Inventory on October 31 System: Method: Quantity X Cost Total Cost Quantity 1 TIHL LLLLLL