Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item B901 are as follows:

May 1		Inventory	77 units @ $17
9		Sale	55 units
13		Purchase	48 units @ $20
28		Sale	27 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31.