Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: May 1 Inventory 74 units $17 9 Sale 51 units 13 Purchase 82 units $20 25 Sale 30 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 25 and (b) the inventory on May 31. a. Cost of merchandise sold on May 25 b. Inventory on May 31