Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July 1 Inventory 45 units $22 9 Sale 32 units 13 Purchase 51 units $26 25 Sale 18 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the inventory on July 31.1 a. Cost of merchandise sold on July 25 b. Inventory on July 31