the Accounting System The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow assumption. To ilustrate, beginning inventory, purchases and sales of shoes are shown below for Grant Co. using a perpetual inventory system In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (ooMs) and Merchandse Inventory under the FIFo cost flow assumption, assuming 36 shoes are sold on March 24. Determine the coMs and Merchandise inventory final balances. If units are in inventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. FIEo Cost Flow Assumption Cost of Merchandise Sold Merchandise Inventory Date Quantity Unit Cost i otal Cost ouantity Unit Cost Total cost ouantity Unit Cost Total Cost 912 38 38 38 52 1976 min 3 Under the perpetual inventory system the cost and quantity are determined at the time of each sale. Under FIFO, the goods sold are assumed to come first from the earlest purchase layer prior to the sale, working forward in time, Thus, the 6 unit layer is assumed to be consumed first The merchandise inventory is determined from the purchase layers that remain after costing, Under FIFo they wil be the most recent purchase layers a A 2016/201