Question: How do you solve this? Explain it step by step please. 4. Beginning inventory, purchases, and sales for an inventory item are as follows: at

4. Beginning inventory, purchases, and sales for an inventory item are as How do you solve this? Explain it step by step please.

4. Beginning inventory, purchases, and sales for an inventory item are as follows: at $10 May 1 Beginning inventory 5 Sale 17 Purchase 31 Sale 45 units 16 units 24 units 12 units at $12 Assuming a perpetual inventory system and the first-in, first-out method (FIFO), determine the following: (a) the cost of the merchandise sold for the May 31 sale: (b) the inventory on May 31

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