eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item 8901 are as follows: August 1 Inventory 42 units @ $25 9 Sale 32 units 13 Purchase 27 units @ $30 25 Sale 15 units Print Item Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 25 and (b) the inventory on August 31. a. Cost of merchandise sold on August 25 b. Inventory on August 31