Beginning inventory, purchases, and sales for Item HM46 are as follows: Assuming a perpetual inventoryjsystem and using the first-in, first-out (Fffo) method, determine (a) the cost of merchandise sold on January z5 and (b) the inventory on January 31. Feenbark T ceneck My Work a. When the FIFO method is used, costs are included in cost of morchandise soid in the order in which they were purchased. Thirk of your inventory in terms of "Tayer5," Determine how much inventory remains from each layer afler each sale. b. Tha ending inventory is made up of the miost recent purchases