Question: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: May 1 Inventory 36 units @ $17 9 Sale 27

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: May 1 Inventory 36 units @ $17 9 Sale 27 units 13 Purchase 35 units @ $19 25 Sale 14 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 25 and (b) the inventory on May 31. a. Cost of merchandise sold on May 25 $fill in the blank 1 b. Inventory on May

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