Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: August 1 Inventory 9 Sale 73 units @ $23 55 units 13 Purchase 47 units @ $26 24 units 28 Sale 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. a. Cost of merchandise sold on August 28 II b. Inventory on August 31