17-2 Practice Exercises Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: August 1 Inventory 76 units @ $22 9 Sale 62 units 13 Purchase 57 units @ $26 28 Sale 21 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31. a. Cost of merchandise sold on August 28 b. Inventory on August 31 Check My Work 2 more Check My Work uses remaining, Next 12