entories PE 7-2B Perpetual inventory using FIFO OBJ.3 nning inventory, purchases, and sales for Item Delta are as follows: July 1 Inventory 50 units at $15 15 24 Sale Purchase Sale 44 units 90 units at $18 40 units Assuming a perpetual 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