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

	Sep. 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 (FIFO), determine:

(a) the cost of the merchandise sold for the September 30 sale

(b) the value of the ending inventory on September 30

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