a. Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item HM46 are as follows:

July 1		Inventory	78 units @ $22
9		Sale	56 units
13		Purchase	92 units @ $24
28		Sale	31 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31.

1. Cost of merchandise sold on July 28	$
2. Inventory on July 31	$

b. Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item HM46 are as follows:

July 1		Inventory	92 units @ $33
5		Sale	74 units
11		Purchase	102 units @ $36
21		Sale	86 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31.

1. Cost of merchandise sold on July 21	$
2. Inventory on July 31	$

c.

Perpetual Inventory Using Weighted Average

Beginning inventory, purchases, and sales for Meta-B1 are as follows:

July 1		Inventory	100 units at $400
12		Sale	70 units
23		Purchase	120 units at $450
26		Sale	110 units

1. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase. $per unit

2. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on July 26. $

3. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on July 31. $