Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item HM46 are as follows:

July 1		Inventory	61 units @ $16
9		Sale	51 units
13		Purchase	62 units @ $17
28		Sale	18 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