Beginning Inventory, Purchases, and Sales for Product XCX Are as Follows

Essay

Beginning inventory, purchases, and sales for Product XCX are as follows: $\begin{array}{lllll}\text { Oct. } 1 & \text { B eginning Inventory } & 24 \text { units } & \text { at } & \$ 12 \text { each } \\\text { Oct. } 17 & \text { Purchase } & 10 \text { units } & \text { at } & \$ 14 \text { each } \\\text { Oct. } 30 & \text { Sale } & 52 \text { units } & &\end{array}$ ?
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.