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Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 38 units @ $15 9 Sale 29 units 13 Purchase 30
Beginning inventory, purchases, and sales for Item ER27 are as follows:
| July 1 | Inventory | 38 units @ $15 | |
| 9 | Sale | 29 units | |
| 13 | Purchase | 30 units @ $17 | |
| 28 | Sale | 14 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31.
| a. Cost of merchandise sold on July 28 | $...... |
| b. Inventory on July 31 | $...... |
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