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Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 35 units @ $21 5 Sale 20 units 17
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sept. 1 | Beginning inventory | 35 units | @ $21 |
| 5 | Sale | 20 units | |
| 17 | Purchase | 38 units | @ $24 |
| 30 | Sale | 38 units |
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 | $ |
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