Beginning inventory, purchases, and sales for Item SJ68 are as follows:
|
Aug. 1 |
Inventory |
28 units at $34 |
|
8 |
Sale |
15 units |
|
15 |
Purchase |
22 units at $38 |
|
30 |
Sale |
20 units |
Assuming a perpetual inventory system and using the first in, first out (FIFO) method, determine (a) the cost of merchandise sold on August 30 and (b) the inventory on August 31.