Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 5 Beginning Inventory Sale 17 Purchase 30 Sale 34 units $19 20 units 37 units 36 units $22 Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30. a. Cost of goods sold b. Inventory, September 301 Previous Next