Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: August 1 Inventory 75 units $19 9 Sale 55 units 13 Purchase 69 units $21 25 Sale 32 units 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 Perpetual Inventory Using UFO Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 92 units $32 5 Sale 74 units 11 Purchase 102 units @ $35 21 Sale 86 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 b. Inventory on July 31