Print Item Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: January 1 Inventory 61 units $15 49 units 44 units @ $16 21 units 13 Purchase 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 a when the FIFO method is used costs are included in cost of merchandise sold in the order in Determine how much inventory remains from each layer afler each sale which they were purchased Think of your inventory in terms of ayen b. The ending inventory is made up of the most recent purchases