3 OBJ.) PE 7-3A Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units at $175 10 Sale 65 units 18 Purchase 75 units at $180 27 Sale 70 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30. Perpetual Inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: 00.2, 3 Inventory Purchases Sales May 1 1,550 units at $44 May 10 720 units at $45 May 121,200 units 20 1,200 units at $48 14 830 units 31 1,000 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. b. Based upon the preceding data, would you expect the inventory to be higher or loner using the first-in, first-out method? EX 7-7 FIFO and The following units of an item were available for sale during the year: Beginning inventory 21,600 units at $20.00 Sale 14,400 units at $40.00 First purchase 48,000 units at $25.20 Sale 36,000 units at $40.00 Second purchase 45,000 units at $26.40 Sale 33,000 units at $40.00 The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. What is the total cost of the ending Inventory according to (a) FIFO, (b) LIFO? ca. 3 tory system OB1.1 EX 7-8 Weighted average cost flow method under perpetual Inventory system The following units of a particular item were available for sale during the calendar year, Jan. 1 Inventory 30,000 units at $30.00 Mar. 18 Sale 24,000 units May 2 Purchase 54,000 units at $31.00 Aug. 9 Safe 45,000 units Oct. 20 Purchase 21,000 units at 532.10 The firm uses the weighted average cost method with a perpetual inventory system Determine the cost of merchandise sold for each sale and the inventory balance after - Present the data in the form illustrated in Exhibit 5