Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK9S are as follows: August 11 Inventory 68 units $18 9 Sale 48 units 13 Purchase 44 units $20 25 Sale 24 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 25 and (b) the inventory on August 31. a. Cost of merchandise sold on August 25 b. Inventory on August 31