perpetual inventory using FIFO

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item 1901 are as follows: August 1 Inventory 37 units $24 31 units 13 Purchase 41 units $25 Sale 28 Sale 14 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 b. Inventory on August 31