Beginning inventory, purchases, and sales for Product XCX are as follows:
| Oct 01 |
Beginning Inventory |
26 units
|
$15 |
| Oct 05 |
Sale |
13 units
|
|
| Oct 17 |
Purchase |
20 units
|
$16 |
| Oct 30 |
Sale |
18 units
|
|
Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the October 30 sale and (b) the inventory on October 31.
| a) Cost of merchandise sold |
$ |
| b) Inventory, October 31 |
$ |