PE 7-2A Perpetual inventory using FIFO
Beginning inventory, purchases, and sales for Item B901 are as follows:
| Aug. | 1 | Inventory | 50 units at $80 |
| 9 | Sale | 30 units | |
| 13 | Purchase | 40 units at $85 | |
| 28 | Sale | 25 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.
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