Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: August 1 Inventory 58 units $17 9 Sale 42 units 13 Purchase 48 units $20 28 Sale 25 units 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 $ 1.166 X b. Inventory on August 31 660 x