Beginning inventory, purchases, and sales for Item PK95 are as follows: January 1 Inventory 80 units @ $23 9 Sale 62 units 13 Purchase 58 units @ $26 28 Sale 27 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine the cost of merchandise sold on January 28 and the inventory on January 31. a. Cost of merchandise sold on January 28 $ b. Inventory on January 31 $