Beginning inventory, purchases, and sales for Item Widget are as follows: Mar. 1 Inventory 200 units at $8 9 Sale 175 units 13 Purchase 160 units at $9 25 Sale 150 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31. a. Cost of merchandise sold on March 25 $ 1,325 b. Inventory on March 31
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