Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan. 1 Inventory 60 units at $100 9 Sale 35 units 13 Purchase 50 units at $110 25 Sale 48 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31. a. Cost of merchandise sold on January 25 b. Inventory on January 31