Book Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Delta are as follows: July 1 Inventory 50 units at $15 7 Sale 44 units 13 Purchase 90 units at $18 24 Sale 40 units Assuming a perpetuat inventory system and using the first in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the Inventory on July 31 a. Cost of merchandise sold on July 24 b. Inventory on July 31