Beginning inventory, purchases, and sales for Item FC33 are as follows:
|
Mar. 1 |
Inventory |
23 units at $10 |
|
8 |
Sale |
18 units |
|
15 |
Purchase |
57 units at $14 |
|
29 |
Sale |
40 units |
Assuming a perpetual inventory system and using the first in, first out (FIFO) method, determine (a) the cost of merchandise sold on March 29 and (b) the inventory on March 31.