=etakeAssignmentSessionLocatorzinprogress false * O eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July 1 Inventory 37 units $25 9 Sale 28 units 13 Purchase 38 units $28 25 Sale 13 units Assuming a perpetual inventory system and using the first in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the Inventory on July 31. a. Cost of merchandise sold on July 25 b. Inventory on July 31 Check My Work