Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 66 units @ $20 9 Sale 54 units 13 Purchase 69 units @ $23 28 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31. a. Cost of merchandise sold on August 28 $ 460 b. Inventory on August 31 $