Question
5. Beginning inventory purchase and sale for item ER27 as follows: Nov 1 Inventory 40 @ $5 5 Sales 32 units 11 Purchase 60 units
5. Beginning inventory purchase and sale for item ER27 as follows:
Nov 1 Inventory 40 @ $5
5 Sales 32 units
11 Purchase 60 units @ $7
21 Sales 45 units
Assuming a perpetual inventory system and using First-In, First-Out (FIFO) method, determine:
a. The cost of merchandize sold on November 30th and
b. The inventory on November 30th.
6. Periodic Inventory:
Jan 1 Inventory 100 units @ $20
10 Purchase 80 units @ $21
30 Purchase 100 units @ $22
The physical count on January 31 shows that 150 units are on hand. Using FIFO, LIFO, and Average method compute the closing inventory.
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