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.
b) The inventory on January 31.