Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: January 1 Inventory 75 units a $20 9 50 units 13 Purchase 47 units $22 28 Sale 29 units Sale Assuming a perpetual Inventory system and using the first in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 26 and (b) the inventory on January 31 a. Cost of merchandise sold on January 28 b. Inventory on January 31