Question: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 76 units @ $21 9 Sale 50

Perpetual Inventory Using FIFO

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

January 1	Inventory	76 units @ $21
9	Sale	50 units
13	Purchase	81 units @ $24
28	Sale	35 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31.

a. Cost of merchandise sold on January 28	$
b. Inventory on January 31	$

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