Beginning inventory, purchases, and sales for an inventory item are as follows: 
Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30.
Definitions:
Telescope Manufacturing
The process of designing, producing, and assembling telescopes, often involving precision engineering and specialized materials.
Operating Income
A measure of a company's profitability from its core business operations, excluding expenses and revenues from non-operating activities.
Book Value
The net value of a company's assets expressed on its balance sheet, calculated as the total assets minus intangible assets (patents, goodwill) and liabilities.
Profit Margin
A financial metric indicating the percentage of revenue that exceeds the cost of goods sold, showing the profitability of a company.
Q16: What is the ending inventory balance at
Q34: Assume that three identical units of merchandise
Q51: On the end-of-period spreadsheet, the common stock
Q98: The end-of-period spreadsheet is a tool that
Q124: The following data were gathered to use
Q139: A check drawn by a company for
Q154: Excess inventory results in all of the
Q161: Which of these titles would appear in
Q163: At the end of the current year,
Q221: Beginning inventory, purchases, and sales data for