Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item PK$95$ are as follows:

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 $25$

b$.$ Inventory on August $31$

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