Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item 1901 are as follows: May 1 Inventory 80 units @ $22 9 Sale 55 units 13 Purchase 58 units $26 28 Sale 32 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