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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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