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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: August...

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item HM46 are as follows:

August 1 Inventory 56 units @ $23
9 Sale 45 units
13 Purchase 54 units @ $26
28 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 August 28 and (b) the inventory on August 31.

a. Cost of merchandise sold on August 28 $
b. Inventory on August 31 $
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