Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: August 1 Inventory 35 units o $23 26 units 9 Sale 13 Purchase 25 units $27 25 Sale 14 units Assuming a perpetual inventory system and using the first in, first-out (F1FC) method, determine (f) the cost of merchandise sold on August 25 and (b) the Inventory on August 31 a. Cost of merchandise sold on August 25 b. Inventory on August 31