Beginning inventory, purchases, and sales for Item PK95 are as follows: January 1 Inventory 69 units @ $21 9 Sale 49 units 13 Purchase 74 units @ $24 25 Sale 24 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31. a. Cost of merchandise sold on January 25 $fill in the blank 1 b. Inventory on January 31 $fill in the blank 2