sBook Show Me How MWK Perpetual Inventory Using FIFO C Beginning inventory, purchases, and sales for Item HM46 are as follows July 2 Inventory 66 units $23 9 Sale 04 units 13 Purchase 50 units $27 25 Sale 31 units Assuming a perpetunt inventory system and using the first in first-out (FIFO method, determine (a) the cost of merchandises and they July 31 a. Cost of merchandise sold on July 25 b. Inventory on July 31