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Beginning inventory, purchases, and sales for Items are as follows: August 1 Inventory 39 units @ $17 9 Sale 32 units 13 Purchase 44 units
Beginning inventory, purchases, and sales for Items are as follows:
| August 1 | Inventory | 39 units @ $17 | |
| 9 | Sale | 32 units | |
| 13 | Purchase | 44 units @ $19 | |
| 28 | Sale | 11 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31.
| a. Cost of merchandise sold on August 28 | $ |
| b. Inventory on August 31 | $ |
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