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

Item K113 Units Cost July 9 Purchase 1 166 17 Purchase 1 168 26 Purchase 1

198

Assume that one unit is sold on July 31 for $245. Determine the ending inventory on July 31 using the last-in,first-out (LIFO) method.

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

Item K113 Units Cost July 9 Purchase 1 166 17 Purchase 1 170 26 Purchase 1

181

Assume that one unit is sold on July 31 for $228. Determine the ending inventory on July 31 using the average cost method. (Round to the nearest whole dollar)

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

Item K113 Units Cost July 9 Purchase 1 157 17 Purchase 1 178 26 Purchase 1

186

Assume that one unit is sold on July 31 for $260. Determine the gross profit for July using the average cost method. (Round to nearest full dollar).

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

August 1 Inventory 102 15

9 Sale 92

16 Purchase 127 20

25 Sale 77

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

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

August 1 Inventory 108 15 9 Sale 90 16 Purchase 131 18 25 Sale 79

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

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

November 1 Inventory 104 16 9 Sale 91 16 Purchase 132 4 25 Sale 82

Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30.

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

November 1 Inventory 109 15 9 Sale 96 16 Purchase 128 22 25 Sale 83

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

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

Jan 1 Inventory 11 units at 129 April 15 Purchase 137 units at 117 September 9 Purchase 28 units at 121

There are 53 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the first-in, first-out (FIFO)

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

Jan 1 Inventory 11 units at 128 April 15 Purchase 136 units at 115 September 9 Purchase 28 units at 120

There are 43 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)

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

Jan 1 Inventory 13 units at 120 April 15 Purchase 135 units at 116 September 9 Purchase 28 units at 122

There are 53 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the average cost method. (Round to nearest whole dollar)

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

Item Inventory Quantity Unit Cost Price ($) Unit Market Price ($) MT22 959 95 80 4WY09 15543 35 42 1GDS 9225 177 167