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Determine the cost of merchandise sold on january 25

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Reference no: EM13934978

Beginning inventory, purchases, and sales for item proX2 are as follows:

Jan. 1 Inventory 60 units at $100
9 sale 35 units
13 Purchase 50 units at 110
25 sale 48 units

Assuming a perpetual inventory system and using the first- in, first-out (FIFO) method, determine:

a) The cost of merchandise sold on january 25.
b) The inventory on January 31.

Reference no: EM13934978

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