Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: August 1 Inventory 35 units $22 9 Sale 29 units 13 Purchase 23 units $24 25 Sale 11 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 imventory on August 31. a. Cost of merchandise sold on August 28 b. Inventory on August 31