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Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept....

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Accounting

Beginning inventory, purchases, and sales for Item Gidget are as follows:

Sept. 1 Inventory 80 units at $175
10 Sale 65 units
18 Purchase 75 units at $180
27 Sale 70 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.

a. Cost of merchandise sold on September 27 $
b. Inventory on September 30 $

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