Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item 3901 are as follows: May 1 Inventory 61 units $20 9 Sale 46 units 13 Purchase 52 units 522 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 May 28 and (b) the inventory on May 31 a. Cost of merchandise sold on May 28 b. Inventory on May 31