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Question
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.
Answer
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