Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows:...
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Accounting
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item ER27 are as follows:
| January 1 | Inventory | 55 units @ $19 | |
| 9 | Sale | 36 units | |
| 13 | Purchase | 57 units @ $21 | |
| 28 | Sale | 25 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31.
| a. Cost of merchandise sold on January 28 | $ |
| b. Inventory on January 31 |
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