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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows:...

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Accounting

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item HM46 are as follows:

May 1 Inventory 41 units @ $21
9 Sale 30 units
13 Purchase 38 units @ $22
28 Sale 20 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 $
b. Inventory on May 31 $

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