Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item 8901 are as follows: August 1 Inventory 42 units 520 9 Sale 28 units 13 Purchase 41 units 523 28 Sale 21 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 inventory on August 31 Cost of merchandise sold on August 28 b. Inventory on August 31