Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Doodad are as follows: July 1 Inventory 90 units at $21 7 Sale 79 units 15 Purchase 160 units at $24 24 Sale 70 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31. a. Cost of merchandise sold on July 24 b. Inventory on July 31