Question: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 50 units @ $24 9 Sale 42

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item ER27 are as follows:

May 1 Inventory 50 units @ $24

9 Sale 42 units

13 Purchase 57 units @ $28

28 Sale 17 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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