Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item ER27 are asfollows:
|August 1||Inventory||54 units @ $20|
|13||Purchase||50 units @ $23|
Assuming a perpetual inventory system and using the first-in,first-out (FIFO) method, determine (a) the cost of merchandise soldon August 28 and (b) the inventory on August 31.