Perpetual Inventory Using FIFO Beginning inventory, purchases and sales for item P95 are as follows January 1 Inventory 78 units $20 Purchase 47 units $22 Sale 29 units tout (FFO) method, determine the cost o dhad h aranuary 31 Assuming a perpetual inventory system and using the first in a. Cost of merchandise sold on January 28 b. Inventory on January 31