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Determine the cost of the goods sold for the September sale

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Question - Beginning inventory, purchases, and sales for an inventory item are as follows:

Sep. 1 Beginning Inventory 21 units @ $25

Sep. 5 Sale 12 units

Sep. 17 Purchase 23 units @ $27

Sep. 30 Sale 22 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.

b. Determine the inventory on September 30.

Reference no: EM133079836

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