Question: Beginning inventory, purchases, and sales for Item Widget are as follows: Mar. 1 ................. Inventory ................. 200 units at $8 ...... 9 ................. Sale .............................

Beginning inventory, purchases, and sales for Item Widget are as follows:
Mar. 1 ................. Inventory ................. 200 units at $8
...... 9 ................. Sale ............................. 175 units
..... 13 ................. Purchase .................. 160 units at 9
..... 25 ................. Sale ............................ 150 units
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine
(a) The cost of merchandise sold on March 25 and
(b) The inventory on March 31.

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