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Beginning inventory, purchases, and sales for an inventory item are as follows: 25 units @ $14 Sep. 1 Beginning Inventory 5 Sale 15 units 17

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Beginning inventory, purchases, and sales for an inventory item are as follows: 25 units @ $14 Sep. 1 Beginning Inventory 5 Sale 15 units 17 Purchase 26 units @ $15 30 Sale 18 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30

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