Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 62 units @ $25 9 Sale 42 units 13 Purchase 53 units @ $27 25 Sale 28 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 $fill in the blank 1 b. Inventory on May 31 $fill in the blank 2