Show Now 1 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item E27 are as follows: August 1 Inventory 66 units $18 9 Sale 48 units 13 Purchase 28 units $21 28 Sale 27 units Assuming a perpetual inventory syster and using the first in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 25 and (b) the inventory an August 31. a. Cost of merchandise sold on August 26 JU b. Inventory on August 31