Beginning inventory, purchases, and sales of a commodity were taken from the inventory records:

Nov

1

Balance

25 units

@

$60

6

Sale

20 units

8

Purchase

20 units

@

$61

16

Sale

10 units

20

Purchase

20 units

@

$62

23

Sale

25 units

30

Purchase

15 units

@

$64

Assuming the business maintains a perpetual inventory system, use the chart below, calculate the cost of merchandise sold and ending inventory using FIFO.

Beginning inventory, purchases, and sales of a commodity were taken from the inventory records: The business maintains a perpetual inventory system, use the chart below, calculate the cost of merchandise sold and ending inventory using FI 25 units al $60 Nov Balance FIFO 6 Sale Purchases Cost of Merchandise Sold 20 units Inventory Unlt Tota Unit Total 8 Purchase 20 units $61 Unit Total Date Quantity Cost Cost uantit Cost Cost uantity Cost ost 16 Sale 10 units 20 Purchase 20 units a $62 23 Sale 25 units 30 Purchase 15 units $64 16 20 COMS Ending inventory