2. Beginning inventory, purchases and sales data for tennis rackets are as follows:

	Apr 3	Inventory		12 units	@	$45
	11	Purchase		13 units	@	$47
	14	Sale		18 units
	21	Purchase		9 units	@	$60
	25	Sale		10 units

Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using FIFO.

	Purchases			Cost of Merchandise Sold			Inventory
Date	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost
Balances

3. Beginning inventory, purchases and sales data for widgets are as follows:

	Apr 3	Inventory		15 units	@	$30
	11	Purchase		12 units	@	$27
	14	Sale		18 units
	21	Purchase		7 units	@	$25
	25	Sale		10 units

Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using LIFO.

	Purchases			Cost of Merchandise Sold			Inventory
Date	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost	Qty	Unit Cost	Total Cost
Balances

4. Using the lower of cost or market, what should the total inventory value be for the following items:

Item	Quantity	Unit cost price	Unit market price	Total cost price		Total market price
A	300	$15.00	$14.50	$4,500		$4,350
B	200	$14.00	$15.00	$2,800		$3,000
C	100	$17.00	$17.50	$1,700		$1,750

Apply the lower-of-cost-or-market method to inventory as a whole.