1.

A company's inventory records report the following in November of the current year:

Date	Activities	Units Acquired at Cost	Units Sold at Retail
November 1	Beginning inventory	5 units @ $60 = $300
November 2	Purchase	10 units @ $62 = $620
November 8	Sales		12 units @ $94
November 12	Purchase	6 units @ $65 = $390

Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold?

2.

A company's inventory records report the following:

Date	Activities	Units Acquired at Cost	Units Sold at Retail
August 1	Beginning inventory	15 units @ $50 = $750
August 5	Purchase	10 units @ $51 = $510
August 12	Purchase	20 units @ $52 = $1,040
August 15	Sales		30 units sold

Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?

3.

A company has the following products in its ending inventory. Compute lower of cost or market for inventory applied separately to each product

Product	Quantity	Cost per Unit	Market per Unit
Product A	10	$ 728	$ 698
Product B	15	$ 528	$ 568
Product C	20	$ 678	$ 703