Question: Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 ............ Inventory ............ 80 units at $175 ......10 ............ Sale ............................ 65

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.

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