Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 50 units @ $23 9 Sale 34 units 13 Purchase 52 units @ $24 28 Sale 25 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. a. Cost of merchandise sold on August 28 b. Inventory on August 31