1. The inventory data for an item for April is listed below. Use this inventory information to answer the TWO questions listed below:

   apr.1 inventory 45 units at $32

8.sold 30 units

17. purchased 40 units at $36

22. sold 30 units

29, purchased 20 units at $40

1. Using a perpetual system, what is the total Cost of Goods Sold for the month of April if the company accounted for inventory using first-in-first-out (FIFO)?

   $2,400 $1,980 $1,920 $2,040

   Using a perpetual system, what is the inventory balance on April 30 if the company accounted for inventory using first-in-first-out (FIFO)?

   $1,800 $1,700 $1,640 $1,670