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.

a. Cost of merchandise sold on July 24	$
b. Inventory on July 31	$