Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 38 units @ $16 9 Sale 28 units 13 Purchase 36 units @ $19 28 Sale 18 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. 502 X a. Cost of merchandise sold on January 28 b. Inventory on January 31 532