Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item B901 are as follows:May 1Inventory42 units @ $249Sale35 units13Purchase31 units @ $2828Sale15 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31.a. Cost of merchandise sold on May 28$b. Inventory on May 31$

Question

Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item B901 are as follows:
May 1

Inventory
42 units @ $24
9

Sale
35 units
13

Purchase
31 units @ $28
28

Sale
15 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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