Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: August 1 Inventory 63 units @$23 9 Sale 42 units 13 Purchase 52 units @ $25 25 Sale 27 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 25 and (b)) the inventory on August 31. a. Cost of merchandise sold on August 25 b. Inventory on August 31 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: March 1 Inventory 106 units $29 5 Sale 85 units 11 Purchase 118 units $31 21 Sale 99 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31. a. Cost of merchandise sold on March 21 b. Inventory on March 31