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

Sep. 1	Beginning Inventory	34	units	@	$23
5	Sale	20	units
17	Purchase	37	units	@	$26
30	Sale	36	units

Assuming a perpetual inventory system and the first-in, first-out method:

a. Determine the cost of the goods sold for the September 30 sale. $fill in the blank 1

b. Determine the inventory on September 30. $fill in the blank 2

2, The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $121,500 and the retained earnings were $57,400 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock.

Accounts payable	$1,810		Miscellaneous expense	$1,020
Accounts receivable	10,010		Office expense	1,260
Cash	18,330		Supplies	1,670
Fees earned	66,370		Wages expense	22,570
Land	46,000		Dividends	15,520
Building	155,700

Prepare a balance sheet for the current year ended March 31.

Thompson's Computer Services Balance Sheet March 31

Assets
Accounts payable Cash Fees earned Miscellaneous expense Retained earnings	$- Select -
Accounts payableAccounts receivableCommon stockOffice expenseWages expense	- Select -
Accounts payableFees earnedRetained earningsSuppliesWages expenses	- Select -
Common stockLandMiscellaneous expenseRetained earningsWages expense	- Select -
Accounts payableBuildingFees earnedOffice expenseRetained earnings	- Select -
Total assets	$fill in the blank 11
Liabilities
Accounts payableAccounts receivableFees earnedSuppliesWages expense	$- Select -
Stockholders' Equity
Accounts receivableCashCommon stockOffice expenseSupplies	- Select -
Accounts receivableBuildingCashDividendsRetained earnings	- Select -
Total liabilities and stockholders' equity	$fill in the blank 18