Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows May 1 Inventory 41 units $21 9 Sale 30 units 13 Purchase 38 units $22 28 Sale 20 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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Question: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: May 1 Inventory 41 units @ $21 9 Sale 30

Perpetual Inventory Using FIFO

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

May 1	Inventory	41 units @ $21
9	Sale	30 units
13	Purchase	38 units @ $22
28	Sale	20 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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