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

Essay

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