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

Essay

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