Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July 1 9 13 28 Inventory Sale Purchase Sale 73 units @ $16 55 units 53 units @ $18 26 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. 1,173 X a. Cost of merchandise sold on July 28 $ b. Inventory on July 31 $ 1,269 X