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

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Accounting

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

August 1 Inventory 79 units @ $23
9 Sale 59 units
13 Purchase 59 units @ $25
28 Sale 25 units

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.

a. Cost of merchandise sold on August 28 $fill in the blank 1
b. Inventory on August 31 $fill in the blank 2

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