Beginning inventory purchases and sales for Item VX48 are as follows:July 1 Inve

Beginning inventory purchases and sales for Item VX48 are as follows:July 1 Inventory 100 units at $88 Sale 90 units15 Purchase 125 units at $1225 Sale 60 unitsAssuming a perpetual inventory system and using the first-in first-out (FIFO) method determine(a) The cost of merchandise sold on July 25 and(b) The inventory on July 31.