Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows August 1 Inventory 80 units $15 9 Sale 67 units 13 Purchase 53 units $17 28 Sale 22 units Assuming a perpetual inventory system and using the first in, first out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31 a Cost of merchandise sold on August 28 $ b Inventory on August 31 $

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Question: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: August 1 Inventory 80 units @ $15 9 Sale 67

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item PK95 are as follows:

August 1	Inventory	80 units @ $15
9	Sale	67 units
13	Purchase	53 units @ $17
28	Sale	22 units

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

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

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