Accounting 1A Chapter 6-Inventories Inventory Calculations Practice Problems 1 The firm uses the perpetual inventory system. Inventory Costing Methods - Perpetual Inventory System Date July 1 Beginning Inventory Units 0 Unit Cost July 5 Purchase 5,000 units at $100 July 15 Sale 1 500 July 20 Purchase 400 units at $105 July 23 Sale 2 1,000 July 25 Purchase 800 units at $110 July 30 Sale 3 1,200 Total Cost of Merchandise Purchased during the month Total Number of Units Available during the month Total Units Sold during the month Total Units in Ending Inventory at July 31 Cost of Goods Sold for the month under FIFO Cost of Ending Inventory under FIFO Cost of Goods Sold for the month under LIFO Cost of the Ending Inventory under LIFO