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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: July 1 Inventory 48 units @ $15 9 Sale 31
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item B901 are as follows:
| July 1 | Inventory | 48 units @ $15 | |
| 9 | Sale | 31 units | |
| 13 | Purchase | 54 units @ $17 | |
| 28 | Sale | 21 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 | $ |
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