Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 26 units @ $23 5 Sale 15 units 17 Purchase @ $26 29 units 27 units 30 Sale Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a. Cost of merchandise sold b. Inventory, September 30 $