OBJ.3 PE 7-2A Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan. 1 Inventory 60 units at $100 9 Sale 35 units 13 Purchase 50 units at $110 25 Sale 48 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, de- termine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31. OBJ. 3 PE 7-2B 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 15 Purchase 90 units at $18 24 Sale 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