Perpetual inventory using FIFO Obj. 3 Beginning inventory, purchases, and sales for Item ProX2 are as follows:

Jan. 1 Inventory 60 units at $100 9 Sale 35 units 13 Purchase 50 units at $110 25 Sale 48 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine

(a) the cost of goods sold on January 25 and

(b) the inventory on January 31.

AppendixLO1