Question: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: August 1 Inventory 36 units @ $24 9 Sale 26

Perpetual Inventory Using FIFO

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

August 1	Inventory	36 units @ $24
9	Sale	26 units
13	Purchase	23 units @ $28
25	Sale	18 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 25 and (b) the inventory on August 31.

a. Cost of merchandise sold on August 25	$fill in the blank 1
b. Inventory on August 31	$fill in the blank 2

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