Content Area Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: August 1 Inventory 66 units @ $18 9 Sale 50 units 13 Purchase 48 units @ $21 25 Sale 21 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 25 and (b) the inventory on August 31. a. Cost of merchandise sold on August 25 $fill in the blank 1 b. Inventory on August 31 $fill in the blank 2