EX$\mathrm{.}07\mathrm{.}176.$ALGO $($Algorithmic$)$

Beginning inventory, purchases, and sales for an inventory item are as follows:

Assuming a perpetual inventory system and the last$-$in$,$ first$-$out method, determine $($a$)$ the cost of the merchandise sold for the September $30$ sale and $($b$)$ the inventory on September

a$.$ Cost of merchandise sold $

b$.$ Inventory,

September $30$