Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan....
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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 and (b) the inventory on January 31.
| a. Cost of merchandise sold on January 25 | $ |
| b. Inventory on January 31 |
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