Question: Beginning inventory, purchases, and sales for Item VX48 are as follows: July 1 Inventory 100 units at $8 8 Sale 90 units 15 Purchase 125

Beginning inventory, purchases, and sales for Item VX48 are as follows:


July 1           Inventory         100 units at $8

 8                 Sale                     90 units

 15               Purchase          125 units at $12

 25               Sale                     60 units


Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine

(a) The cost of merchandise sold on July 25 and

(b) The inventory on July 31.


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