U Luig. Mail - Hall, Brooke - Outlock eBook Solved Freight term Show Me How i ne the Calculator Print Item Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: May 1 Inventory 44 units @ $18 9 Sale 32 units 13 Purchase 47 units @ $21 28 Sale 17 units Assuming a perpetual Inventory system and using the first in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31. a. Cost of merchandise sold on May 28 $ 321 b. Inventory on May 31 Previous Next Grad