7. Gina Company had the following activity in its inventory account during May.

Date	Activity	Units	Cost Per Unit	Total Cost
May 1	Beginning inventory	100	$3.00	$300.00
May 3	Purchase	40	3.10	124.00
May 7	Sale	50
May 12	Purchase	50	3.20	160.00
May 16	Sale	70
May 23	Sale	40
May 30	Purchase	60	3.30	198.00

Assume Company is using Perpetual Inventory System. Compute Ending Inventory under FIFO method. Round calculation to the nearest dollar.

Answer:

8. Gina Company had the following activity in its inventory account during May.

Date	Activity	Units	Cost Per Unit	Total Cost
May 1	Beginning inventory	100	$3.00	$300.00
May 3	Purchase	40	3.10	124.00
May 7	Sale	50
May 12	Purchase	50	3.20	160.00
May 16	Sale	70
May 23	Sale	40
May 30	Purchase	60	3.30	198.00

Assume Company is using Perpetual Inventory System. Compute Ending Inventory under LIFO method. Round calculation to the nearest dollar.

Answer:

9. Gina Company had the following activity in its inventory account during May.

Date	Activity	Units	Cost Per Unit	Total Cost
May 1	Beginning inventory	100	$3.00	$300.00
May 3	Purchase	40	3.10	124.00
May 7	Sale	50
May 12	Purchase	50	3.20	160.00
May 16	Sale	70
May 23	Sale	40
May 30	Purchase	60	3.30	198.00

Assume Company is using Perpetual Inventory System. Compute Ending Inventory under Average Cost method. Round calculation to the nearest dollar.

Answer: