Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31.

Perpetual Inventory Using FIFD Beginning inventory, purchases, and sales for Item E5901 are as follows: January 1 Inventory 38 units @ $18 9 Sale 29 units 13 Purchase 25 units @ $20 28 Sale 14 units Assuming a perpetual inventory system and using the rstiin, rstiout (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. a. Cost of merchandise sold on January 28 15:] b. Inventory on January 31 15:]