Case 1: Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory and cost of goods sold using FIFO, LIFO and Weighted Average Methods. (3 marks)

Date	Activities	Units Acquired at Cost	Units Acquired at Cost
May 1	Beginning Inventory	260 units @ $11
5	Purchase	275 units @ $13
10	Sales		195 units @ $21
15	Purchase	155 units @ $14
24	Sales		145 units @ $22

Answer:

FIFO perpetual
Date	Purchases	CGS	Inventory Balance
May 1
5
10
15
24
Total

LIFO perpetual
Date	Purchases	CGS	Inventory Balance
May 1
5
10
15
24
Total

Weighted Average Perpetual
Date	Purchases	CGS	Inventory balance
May 1
5
10
15
24
Total

Case 2: Given the following information, determine the Cost of Goods Sold for December 31 under periodic inventory system using the FIFO, LIFO and Weighted Average methods. (1.5 marks)

December 2: 5 units were purchased at $7 per unit. December 9: 10 units were purchased at $9.40 per unit.

December 11: 12 units were sold at $35 per unit

December 15: 20 units were purchased at $10.15 per unit December 22: 18 units were sold at $35 per unit

Answer:

FIFO periodic
Date	Goods available for sale	CGS	Ending Inventory

LIFO periodic
Date	Goods available for sale	CGS	Ending Inventory

Weighted average periodic
Date	Goods available for sale	CGS	Ending Inventory