Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 44 units @ $20 9 Sale 35 units 13 Purchase 31 units @ $22 25 Sale 13 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 25 and (b) the inventory on August 31. a. Cost of merchandise sold on August 25 b. Inventory on August 31