Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Doodad are as follows July 1 Inventory 90 units at $21 7 Sale 79 units 15 Purchase 160 units at $24 24 Sale 70 units Assuming a perpetual inventory system and using the first in, first out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31 a Cost of merchandise sold on July 24 $ b Inventory on July 31 $

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Question: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Doodad are as follows: July 1 Inventory 90 units at $21 7 Sale 79

Perpetual Inventory Using FIFO

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

July 1	Inventory	90 units at $21
7	Sale	79 units
15	Purchase	160 units at $24
24	Sale	70 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31.

a. Cost of merchandise sold on July 24 $

b. Inventory on July 31 $

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a. Cost of merchandise sold on July 24	$
b. Inventory on July 31	$