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Beginning inventory, purchases, and sales for an inventory item are as follows: ...

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Accounting

Beginning inventory, purchases, and sales for an inventory item are as follows:

Sept. 1 Beginning Inventory 24 units $15
5 Sale 17 units
17 Purchase 10 units $20
30 Sale 8 units

Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30.

a. Cost of merchandise sold $
b. Inventory, September 30 $

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