Determine the cost of the merchandise sold

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Beginning inventory, purchases, and sales for Product XCX are as follows:

Sep. 1 Beginning Inventory 25 units @ $11
      5 Sale 14 units
     17 Purchase 27 units @ $13
     30 Sale 16 units

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

a) Cost of merchandise sold $
b) Inventory, September 30

$

 

Reference no: EM131747678

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