2. Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan 1 Inventory 50 units at $15.00 7 Sale 44 units 15 Purchase 90 units at $18 24 Sale 40 units Assuming a perpetual inventory system and using the first-In, first-out (FIFO) method. determine (a) the cost of merchandise sold on January 24 and (b) the inventory on January 31