Question Content Area Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows:

May 1. Inventory 37 Units @ $15

9. Sale. 24 Units

13. Purchase. 35 Units. @ $16

25. Sale. 17 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