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Beginning inventory, purchases, and sales for an inventory item are as follows: @ $20 Sep. 1 Beginning Inventory 24 units 5 Sale 14 units 17

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Beginning inventory, purchases, and sales for an inventory item are as follows: @ $20 Sep. 1 Beginning Inventory 24 units 5 Sale 14 units 17 Purchase 27 units @ $23 30 Sale 27 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. S

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