Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for ftem B901 are as follows: Assuming a perpetual inventory system and ising the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the inventery on July 31. Perpetual Inventory Using Lifo Beginning inventory, purchases, and sales for Item Cz83 are as follows: Assuming a perpetual inventory system and using the last-in, first-out (Liro) method, determine (a) the cost of merchandise sold on Januery 21 and (b) the inventory on Jancary 31