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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 26 units @ $20 5 Sale 15 units 17

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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 26 units @ $20 5 Sale 15 units 17 Purchase 29 units @ $23 30 Sale 28 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. $

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