cengagerowalonlin x Cengage Learning Broward College l Broward @ ACG 2001 Blended Sy labus | mentSessiont ocator-assignment-takekimprogress-fa Practice Exercises Show Me HowCalculalor Print item Perpetual inventory Using FIFC 02 AL Beginning inventory, purchases, and sales for item ER27 are as follows: 7-03 ALGO 7-04A 07-05 AL 07-06 45 units $20 32 units 51 units $24 19 units January I Inventory 9 Sale 13 Purchase 28 Sale Assuming a perpetu√°l inventory system and using the first-in, first-out (FiFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the invenitory on January 31 a. Cost of merchandise sold on January 28 1,044X b. Invertory on January 31 1,080 V a When the FIFO method is used costs are incuded in cost of merchangise sod in the orter in which they gre purchased Think of your inventory in terime of Tayers Derermine how much inventory remans fromm each layer alter each sale b The endng most recent curchases more Chiece My Ask me an