Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: July 1 Inventory 53 units @ $22 9 Sale 39 units 13 Purchase 58 units @ $23 28 Sale 18 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 $ b. Inventory on July 31