Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Delta are as follows: July 1 7 Inventory Sale Purchase 50 units at $15 44 units 90 units at $18 40 units 15 24 Sale Assuming a perpetual inventory system and using the first in, first-out (FFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 3 a. Cost of merchandise sold on July 24 522 X b. Inventory on July 31 56 X