Question: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July 1 Inventory 48 units @ $16 9 Sale 35

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item HM46 are as follows:

July 1 Inventory 48 units @ $16

9 Sale 35 units

13 Purchase 44 units @ $18

25 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 July 25 and (b) the inventory on July 31.

a. Cost of merchandise sold on July 25 _____________

b. Inventory on July 31 __________

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