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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 29 units
Beginning inventory, purchases, and sales for an inventory item are as follows:
| Date | Line Item Description | Units and Cost |
|---|---|---|
| Sep. 1 | Beginning Inventory | 29 units @ $25 |
| 5 | Sale | 17 units |
| 17 | Purchase | 30 units @ $26 |
| 30 | Sale | 31 units |
Assuming a perpetual inventory system and the first-in, first-out method:
a. Determine the cost of goods sold for the September 30 sale. fill in the blank 1 of 2$
b. Determine the inventory on September 30. fill in the blank 2 of 2$
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