Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: May 1 Inventory 71 units @ $15 9 Sale 46 units 13 Purchase 73 units @ $18 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