Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item 8901 are as follows: May 1 9 Inventory Sale 53 units $16 36 units 13 Purchase 28 Sale 48 units @ $17 23 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