Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: 50 units $24 41 units 54 units@ $28 13 units August 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 August 28 and (b) the inventory on August 31 a. Cost of merchandise sold on August 28 b. Inventory on August 31