Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 5 Sale 17 Purchase 30 Sale 34 units $20 20 units 36 units $22 37 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a. Cost of merchandise sold b. Inventory, September 30 764