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Use the Dynamic Exhibit to answer the following questions. 1. When the number of units sold on November 21 is 36, the cost of merchandise sold on November 21 is $. 2. When the number of units sold on November 21 is 36, the ending inventory on November 30 is $. 3. When the number of units sold on November 21 is 8, the cost of merchandise sold on November 21 is $. 4. When the number of units sold on November 21 is 50, the ending inventory on November 30 is $. Perpetual Inventory using FIFO---Concept

In a perpetual inventory system, each purchase and sale of merchandise is recorded in the inventory account and related subsidiary ledger. In this way, the amount of merchandise available for sale and the amount sold are continuously(perpetually) updated in the inventory records. That is, the balance of merchandise inventory is the amount of merchandise on hand(available for sale) and the balance of cost of merchandise sold, is the cost of the merchandise that has been sold.

In a perpetual inventory systme using FIFO(First-in, First-Out) costs are included in the cost of merchandise sold in the order in which they were purchased. That is, teh units purchased first are assumed to be sold first. FIFO often yields results that are the same as the physical flow of the merchandise. For example, grocery stores strive to shelve milk and other perishable products by expiration date. Products with early expiration dates are stocked in front. In this way, the oldest products(earliest purchases) are sold first.

Detrmine the cost of merchandise sold and ending inventory under a perpetual inventory system that uses FIFO.

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