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Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item Description Units and Cost Sep. 1 Beginning Inventory 25 units

Beginning inventory, purchases, and sales for an inventory item are as follows:

Date Line Item Description Units and Cost
Sep. 1 Beginning Inventory 25 units @ $14
5 Sale 14 units
17 Purchase 23 units @ $17
30 Sale 19 units

Assuming a perpetual inventory system and the last-in, first-out method:

a. Determine the cost of goods sold for the September 30 sale.

b. Determine the inventory on September 30.

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