Done ke: Practice! Perpetual Inventory Using FIFO Perpetual Inventory Using FIFO Begining inventon, purchases, and sales for Item B901 are as follws: Beginning inventory, purchases, and sales for Item 8901 are as follows: July 1 40 units @ $16 26 units 46 units o $17 23 units Inventory 13 Purchase Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31 a. Cost of merchandise sold on July 28 b. Inventory on July 31