Problem 6-2a

Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan. 1 Inventory 60 units at $100 9 Sale 35 units 13 Purchase 50unitsat$110 25 Sale 48 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31