take AssignmentMain.do?inprogress=true O eBook Show Me How Calculator Printem Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Widget are as follows: Mar. 1 9 Inventory Sale 2 00 units at $8 175 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 $ 25 X b. Inventory on March 31 Check My Work a. When the FIFO method is used, costs are included in cost of merchandise sold in the order in which they were purchased. Think of your inventory in terms of "layers." Determine how much inventory remains from each layer after each sale b. The ending inventory is made up of the most recent purchases Check My Work 8 more Check My Work uses remaining Next gla 8:24 PM 40 2/26/2020