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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: May 1 Inventory 41 units @ $18 9 Sale 32
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item PK95 are as follows:
| May 1 | Inventory | 41 units @ $18 | |
| 9 | Sale | 32 units | |
| 13 | Purchase | 34 units @ $19 | |
| 25 | Sale | 14 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 25 and (b) the inventory on May 31.
| a. Cost of merchandise sold on May 25 | |
| b. Inventory on May 31 |
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