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Beginning inventory, purchases, and sales for an inventory item are as follows:
Sep. 1 | Beginning Inventory | 22 | units | @ | $17 |
5 | Sale | 13 | units | | |
17 | Purchase | 25 | units | @ | $20 |
30 | Sale | 25 | units | |
Assuming a perpetual inventory system and the first-in, first-out method:
a. Determine the cost of the goods sold for the September 30 sale. $fill in the blank 1
b. Determine the inventory on September 30.
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