Sale Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 52 units @ $15 9 36 units 13 Purchase 61 units @ $17 Sale 20 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 b. Inventory on January 31 28