Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are January 1 Inventory 39 units @ $24 Sale 30 units 13 Purchase 41 units @ $28 28 Sale 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. a. Cost of merchandise sold on January 28 EN b. Inventory on January 31