Beginning inventory, purchases, and sales for Item PK95 are as follows: January 1 80 units @ $23 9 62 units 13 58 units @ $26 28 27 units 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. a. Cost of merchandise sold on January 28 $ b. Inventory on January 31 $ Inventory Sale Purchase Sale