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Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan....

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Finance

Beginning inventory, purchases, and sales for Item ProX2 are as follows:

Jan. 1 Inventory 60 units at $100
9 Sale 35 units
13 Purchase 50 units at $110
25 Sale 48 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.

a. Cost of merchandise sold on January 25 $
b. Inventory on January 31

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