Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows August 1 Inventory 54 units $20 9 Sale 37 units 13 Purchase 50 units $23 28 Sale 26 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

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Question: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: August 1 Inventory 54 units @ $20 9 Sale 37

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item ER27 are as follows:

August 1	Inventory	54 units @ $20
9	Sale	37 units
13	Purchase	50 units @ $23
28	Sale	26 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.

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