Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: 44 units $22 May 1 9 Inventory Sale 31 units 13 34 units $24 Purchase Sale 28 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31 a. Cost of merchandise sold on May 28 b. Inventory on May 31 Each