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beginning inventory, purchases, and sales for item proX2 are as follows: Jan. 1 Inventory 60...

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Accounting

beginning inventory, purchases, and sales for item proX2 are as follows:

Jan. 1 Inventory 60 units at $100

9 sale 35 units

13 Purchase 50 units at 110

25 sale 48 units

assuming a perpetual inventory system and using the first- in, first-out (FIFO) method, determine:

a) the cost of merchandise sold on january 25

b) the inventory on January 31

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