Beginning inventory, purchases, and sales for item ER27 are as follows:

nov. 1 inventory 40 units at $5

5 sale 30 units

11 Purchase 70 units at $7

21 sale 36 units

Assuming a perpetual inventory system and using the first-in, first-out (FiFo) method, determine (a) the cost of merchandise sold on november 21 and (b) the inventory on november 30.

(Note: Could you please explain the steps)

Thank you!!!