ot Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 9 Sale 13 Purchase 28 Sale 51 units @ $19 41 units 47 units @ $22 15 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31. a. Cost of merchandise sold on May 28 b. Inventory on May 31 Submit Answer Try Another Version