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Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1Beginning Inventory25 units@$145Sale13 units17Purchase25 units@$1530Sale16 units Assuming a perpetual inventory system and
Beginning inventory, purchases, and sales for an inventory item are as follows:
Sept. 1Beginning Inventory25 units@$145Sale13 units17Purchase25 units@$1530Sale16 units
Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30.
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