Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise...

FIFO
        Perpetual Inventory systems FIFO Method
    Date    Inventory Movements        Units    Unit cost    Total cost
    Jan-01    Beginning Inventory        60    $ 100    $ 6,000
    Jan-09    Sale of Inventory        35
    Jan-13    Purchase of Inventory        50    $ 110    $ 5,500
    Jan-25    Sale of Inventory        48
    a)    Calculation for
        Cost of goods sold
    Jan-25    Sale of Inventory cost        60-35=25    $ 100    $ 2,500
                23    $ 110    $ 2,530
                48        $...