Beginning Inventory, Purchases, and Sales for an Inventory Item Are

Essay

Beginning inventory, purchases, and sales for an inventory item are as follows:? $$\begin{array} { r r r r r } \text { Sept. } 1 & \text { Beginning~inventory } & 24 \text { units } & @ &\$ 15 \\5 & \text { Sale } & 17 \text { units } & \\17 & \text { Purchase } & 10 \text { units } & @ & \$ 20 \\30 & \text { Sale } & 8 \text { units } &\end{array}$$ Assuming a perpetual inventory system and the first-in, first-out method, determine
(a) the cost of the merchandise sold for the September 30 sale and
(b) the inventory on September 30.