Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows August 1 Inventory 65 units $21 9 Sale 45 units 13 Purchase 71 units $24 28 Sale 24 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 HM46 are as follows: August 1 Inventory 65 units @ $21 9 Sale 45

Perpetual Inventory Using FIFO

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

August 1	Inventory	65 units @ $21
9	Sale	45 units
13	Purchase	71 units @ $24
28	Sale	24 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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