1. The following information was available from the inventory records of Neer Company for January:

Units Unit Cost Total Cost

Balance at January 1 3,000 $9.77 $29,310

Purchases:

January 6 2,000 10.30 20,600

January 26 2,700 10.71 28,917

Sales:

January 7 (2,500)

January 31 (4,000)

Balance at January 31 1,200

Assuming that Neer maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average inventory method, rounded to the nearest dollar?

a. $12,606.

b. $12,284.

c. $12,312.

d. $12,432.

Use the following information for the next question, SHOW THE WORK

Kiner Co. has the following data related to an item of inventory:

Inventory, March 1 200 units @ $4.50

Purchase, March 7 350 units @ $4.80

Sale @ $7/unit , March 10 400 units

Purchase, March 16 500 units @ $5.00

Sale @ $7.5/unit, March 20 600 units

Purchase, March 25 300 units @ $5.50

Required: The value assigned to cost of goods sold and ending inventory if Kiner uses FIFO, LIFO, and average under perpetual inventory system.