1- Beginning inventory purchases, and sales for Item MMM8 are as follows: November 1 Inventory 107 15 9 Sale 92 16 Purchase 126 25 Sale 75 Assuming a perpetual inventory system and using the Last-IN, first out (F IFO) method determine the inventory value on November 30

2- Beginning inventory, purchases, and sales for Item CSW15 are as follows:

August 1 Inventory 109159 Sale 9216 Purchase 1322725 Sale 76

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine the inventory value on August 31.

3- Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 15217 Purchase 1 17526 Purchase 1

193

Assume that one unit is sold on July 31 for $228. Determine the gross profit for July using the average cost method.

4- Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 15117 Purchase 1 17226 Purchase 1

183

Assume that one unit is sold on July 31 for $240. Determine the ending inventory on July 31 using the average cost method.

5- On the basis of the following data, determine the value of the inventory at the lower ofcost or market. Apply lower of cost or market to each inventory item as shown in Exhibit below.

Item InventoryQuantity UnitCost Price ($) UnitMarket Price($) MT22 797 99 80 4WY09 7364 37 45 1GDS 9962 185 165

6- Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 16417 Purchase 1 17026 Purchase 1

197

Assume that one unit is sold on July 31 for $263. Determine the gross profit for July using the last-in,first-out (LIFO) method.

7- Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 15617 Purchase 1 17826 Purchase 1

181

Assume that one unit is sold on July 31 for $268. Determine the gross profit for July using the first-in,first-out (FIFO) method.

8- Beginning inventory, purchases, and sales for Item MMM8 are as follows:

November 1 Inventory 108169 Sale 8816 Purchase 1302225 Sale 80

Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the Cost of Goods Sold in November.

9- The units of an item available for sale during the year were as follows:

Jan 1 Inventory 22 units at 125April 15 Purchase 134 units at 116September 9 Purchase 23 units at 123

There are 33 units of the item in the physical inventory at December 31. The periodicinventory system is used. Determine the inventory cost using the first-in, first-out(FIFO)

10- The units of an item available for sale during the year were as follows:

Jan 1 Inventory 16 units at 128April 15 Purchase 136 units at 115September 9 Purchase 22 units at 125

There are 38 units of the item in the physical inventory at December 31. The periodicinventory system is used. Determine the inventory cost using the last-in, first-out(LIFO)

11- Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 15917 Purchase 1 17426 Purchase 1

192

Assume that one unit is sold on July 31 for $230. Determine the ending inventory on July 31 using the first-in,first-out (FIFO) method.

12- Beginning inventory, purchases, and sales for Item CSW15 are as follows:

August 1 Inventory 104169 Sale 9216 Purchase 1322325 Sale 80

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine the Cost of Merchandise Sold in August.

13- Copy of Copy of

The units of an item available for sale during the year were as follows:

Jan 1 Inventory 17 units at 123April 15 Purchase 132 units at 117September 9 Purchase 26 units at 130

There are 38 units of the item in the physical inventory at December 31. The periodicinventory system is used. Determine the inventory cost using the average cost method.

14- Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 15517 Purchase 1 17526 Purchase 1

185

Assume that one unit is sold on July 31 for $225. Determine the ending inventory on July 31 using the last-in,first-out (LIFO) method.