PE 7-2A Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item ProX2 are as follows: EE 7-2 p 327 OBJ. 3 Jan. 1 Inventory 60 units at $100 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