Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows:

May 1 Inventory 40 units @ $15

9 Sale 28 units

13 Purchase 40 units @ $18

28 Sale 19 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine

(a) the cost of merchandise sold on May 28

(b) the inventory on May 31.

a. Cost of merchandise sold on May 28 $ ________

b. Inventory on May 31 __________