Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 53 units $24 9 Sale 38 units 13 Purchase 48 units $26 25 Sale 22 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the inventory on July 31. a. Cost of merchandise sold on July 25 x b. Inventory on July 31