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