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Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units at $175 10 Sale 65 units 18 Purchase 75
Beginning inventory, purchases, and sales for Item Gidget are as follows:
| Sept. 1 | Inventory | 80 units at $175 | |
| 10 | Sale | 65 units | |
| 18 | Purchase | 75 units at $180 | |
| 27 | Sale | 70 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.
| a. Cost of merchandise sold on September 27 | $ |
| b. Inventory on September 30 | $ |
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