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

Essay

Beginning inventory, purchases, and sales for an inventory item are as follows:? $\begin{array}{llllll}\text { Sept. } &1 \text { Beginning inventory }&&24~ units& @ ~\$ 10\\&5 \text { Sale } &&17~ units\\&17 \text { Purchase } &&10 ~units& @ ~\$ 15\\&30 \text { Sale }&&~~8~ units\end{array}$ 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 30.