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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning inventory 24 units @ $10 5 Sale 17 units 17
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Sep. 1 | Beginning inventory | 24 units | @ | $10 |
| 5 | Sale | 17 units | ||
| 17 | Purchase | 10 units | @ | $15 |
| 30 | Sale | 8 units |
Assuming a perpetual inventory system and the last-in, first-out method:
a. Determine the cost of the merchandise sold for the September 30 sale. $
b. Determine the inventory on September 30.
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