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Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 59 units @ $25 9 Sale 47 units 13 Purchase 42 units @ $28 28 Sale 19 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31. a. Cost of merchandise sold on August 28 b. Inventory on August 31 Beginning inventory, purchases, and sales for Item HM46 are as follows: October 1 Inventory 100 units @ $19 5 Sale 80 units 11 Purchase 111 units @ $23 21 Sale 93 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31. $ a. Cost of merchandise sold on October 21 b. Inventory on October 31