Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: 49 units @ $24 37 units 44 units $25 18 units May 1 Inventory 9 Sale 13 Purchase 28 Sale Assuming a perpetual invent ory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31 a. Cost of merchandise sold on May 28 b. Inventory on May 31