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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 21 units @ $16 5 Sale 12 units 17

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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 21 units @ $16 5 Sale 12 units 17 Purchase 24 units @ $19 30 Sale 24 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. b. Determine the inventory on September 30

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