Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July 1 Inventory 40 units @ $25 9 Sale 27 units 13 Purchase 33 units @ $29 28 Sale 22 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 $ b. Inventory on July 31