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eBook Show Me How Calculator Print Item Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: January 1 Inventory 62 units @ $20 Sale 50 units 13 Purchase 55 units @ $24 Sale 21 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. a. Cost of merchandise sold on January 28 $ 366 b. Inventory on January 31 s 216 x 28 Feedanck Check My Work a. When the FIFO method is used, costs are included in cost of merchandise sold in the order in which they were purchased. Think of your inventory in terms of "layers." Determine how much inventory remains from each layer after each sale. b. The ending Inventory is made up of the most recent purchases