Question: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Doodad are as follows: 90 units at $21 79 units 160 units at $24

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Doodad are as follows: 90 units at $21 79 units 160 units at $24 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 July 1 7 15 24 Inventory Sale Purchase Sale

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