Perpetual inventory using fifo beginning inventory, purchases, and sales for item er27 are as follows:
may 1 inventory 68 units @ $23
may 9 sale 54 units
may 13 purchase 62 units @ $26
may 28 sale 23 units
assuming a perpetual inventory system and using the first-in, first-out (fifo) method, determine (a) the cost of merchandise sold on may 28 and (b) the inventory on may 31.
a. cost of merchandise sold on may 28
b. inventory on may 31