(a) first-in, first-out PE 7-2A Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan. 1 9 Inventory Sale 60 units at $100 35 units 13 Purchase Sale 50 units at $110 48 units OBJ. 25 Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, de termine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31