Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: May 1 Inventory 61 units $23 9 Sale 45 units 13 Purchase 55 units $25 25 Sale 25 units Assuming a perpetual inventory system and using the first in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 25 and (b) the inventory on May 31. a. Cost of merchandise sold on May 25 1,035 X b. Inventory on May 31 1,118 X Feedback Check My Work