prepetual incentory fifo

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 63 units @ $23 9 Sale 49 units 13 Purchase 52 units @ $27 18 units 28 Sale Assuming a perpetual inventory system and using the first- in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31. a. Cost of merchandise sold on January 28 b. Inventory on January 31