page 375 PE 7-2A

51 PE 7-2A Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Widget are as follows: OBJ. 3 Mar. 1 9 Inventory Sale Purchase Sale 200 units at $8 175 units 160 units at 9 150 units 13 25 Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, de- termine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31