Beginning inventory, purchases, and sales for Item ProX2 are as follows:
Jan. 1 ............ Inventory ............60 units at $100
9 .................. Sale ........................... 35 units
13 ................. Purchase ............ 50 units at $110
25 ................. Sale ........................... 48 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?