Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 39 units @ $18 9 Sale 33 units 13 Purchase 41 units @ $21 25 Sale 13 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the inventory on July 31. a. Cost of merchandise sold on July 25 $ b. Inventory on July 31