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Determine the cost of the merchandise sold for the

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	$

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Accounting Basics: Determine the cost of the merchandise sold for the

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