Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: 76 units @ $20 62 units 86 units @ $23 21 units January 1 Inventory 9 Sale 13 Purchase 28 Sale 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 b. Inventory on January 31