EE 7-2 351 OBI, , 3 how le low PE 7-2B Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Delta are as follows: July 1 Inventory 50 units at $15 7 Sale 44 units 15 Purchase 90 units at $18 24 Sale 40 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 24 and (b) the inventory on July 31. 10 points PAGE 376 PE7-28 Assuming a perpetual Inventory system and using the First-in, First Out (FIFO) method, determine the Cost of merchandise sold on July 24, and the Cost of Goods Sold (COGS) on July 31 Ending Inventory - 40 Cost of Goods Sold 110 O Ending Inventory = 700 Cost of Goods Sold - 1000 Ending Inventory = 40 Cost of Goods Sold = 56 Ending Inventory = 1008 Cost of Goods Sold = 702