Perpetual inventory using fifo
beginning inventory, purchases, and sales for item b901 are as follows:
august 1 inventory 44 units @ $18
9 sale 33 units
13 purchase 44 units @ $20
28 sale 15 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.
a. cost of merchandise sold on august 28 $
b. inventory on august 31 $