Snow Me How Perpetual Inventory Using FIFO 9 Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 46 units @ $20 Sale 36 units 13 Purchase 53 units $22 25 Sale 17 units Assuming a perpetual inventory system and using the first in, first-out (FFO) method, determine (s) the cost of merchandise sold on January 25 and (b) the inventory on January 31 . Cost of merchandise sold on January 25 b. Inventory on January 31