Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item ER27 are as follows:

August 1		Inventory	54 units @ $20
9		Sale	37 units
13		Purchase	50 units @ $23
28		Sale	26 units

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