Beginning inventory, purchases, and sales for Item ER27 are as follows:
|
Nov. 1 |
Inventory |
40 units at $5 |
|
5 |
Sale |
32 units |
|
11 |
Purchase |
60 units at $7 |
|
21 |
Sale |
45 units |
Assuming a perpetual inventory system and using the first in, first out (FIFO) method, determine (a) the cost of merchandise sold on November 21 and (b) the inventory on November 30.