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Beginning inventory, purchases, and sales for Product XCX are as follows: Oct. 1 Beginning Inventory 24 units at $12 each Oct. 17 Purchase 10 units
Beginning inventory, purchases, and sales for Product XCX are as follows:
| Oct. 1 | Beginning Inventory | 24 units | at | $12 each |
| Oct. 17 | Purchase | 10 units | at | $14 each |
| Oct. 30 | Sale | 52 units |
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Assuming a periodic inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the October 30 sale and (b) the inventory on October 31.
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