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Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: Nov. 1 Inventory 40 units at $5 Sale 5 30 units 70 units at $7 Purchase 11 21 Sale 36 units merchandise sold on November Assuming a perpetual inventory system and using the first-in, first-out (FI FO) method, determine (a) the cost 21 and (b) the inventory on November 30. Move the slider to change the values. 10 36 50 Number of units sold on November 21 Click on to view the information. View Analysis Item ER27 Cost of Merchandise Sold Purchases Inventory Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Date 200 Nov. 1 40 50 ( Nov.5 10 30 150 490 ( Nov. 11 70 7 10 50 70 490 Nov. 21 10 50 308 ( 26 7 182 4/ 7 382 (i 308 (i Balances Nov. 30 ) Cost of merchandise sold (November 21): (b) Inventory, November 30: 10 units at $5 $308 50 44 units at $7 26 units at $7 182 $232 36 units Use the Dynamic Exhibit to answer the following questions. 1. When the number of units sold on November 21 is 36, the cost of merchandise sold on November 21 is $ X . 2. When the number of units sold on November 21 is 36, the ending inventory on November 30 is $ X 3. When the number of units sold on November 21 is 8, the cost of merchandise sold on November 21 is $ X . 4. When the number of units sold on November 21 is 50, the ending inventory on November 30 is$ X

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