Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: August 1 Inventory 76 units @ $21 9 Sale 53 units 13 Purchase 52 units @ $25 25 Sale 27 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 25 567 b. Inventory on August 31 48 x