assuming a perpetual inventory system and using the first in first out fifo method d 549596

PE 7-2A Perpetual inventory using FIFO

Beginning inventory, purchases, and sales for Item B901 are as follows:

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.