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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows:...

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Accounting

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item B901 are as follows:

January 1 Inventory 44 units @ $17
9 Sale 31 units
13 Purchase 40 units @ $20
25 Sale 18 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 $fill in the blank 1
b. Inventory on January 31 $fill in the blank 2

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