Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: May 1 Inventory 70 units @ $18 9 Sale 50 units 13 Purchase 74 units @ $19 25 Sale 27 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 25 and (b) the inventory on May 31. a. Cost of merchandise sold on May 25 b. Inventory on May 31