Beginning Inventory, Purchases, and Sales for Product XCX Are as Follows

question 77

Essay

Beginning inventory, purchases, and sales for Product XCX are as follows: $\begin{array}{lllll}\text { Oct. } 1 & \text { B eginning Inventory } & 24 \text { units } & \text { at } & \$ 12 \text { each } \\\text { Oct. } 17 & \text { Purchase } & 10 \text { units } & \text { at } & \$ 14 \text { each } \\\text { Oct. } 30 & \text { Sale } & 52 \text { units } & &\end{array}$ ?
Assuming a periodic 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.

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Definitions:

Basilar Membrane

A narrow, membrane within the cochlea of the inner ear, playing an essential role in sound perception by vibrational frequency analysis.

Cochlea

A spiral-shaped, fluid-filled structure in the inner ear that is essential for converting sound waves into electrical signals that can be interpreted by the brain.

Birdsong

Vocal sounds made by birds, which can serve various purposes such as attracting mates, defending territory, or signaling danger.

Outer Hair Cells

Cells located within the cochlea of the inner ear, playing a critical role in the ability to hear by amplifying sound vibrations.