Exercise 1. Cost of goods sold

Msica y Ms had an inventory of guitars and other musical instruments. Using the FIFO method and the perpetual inventory system, the company recorded beginning inventory, purchases, and sales.

1. a. Determine the cost of merchandise sold and the value of inventory.

Date	Detail	amount	unit cost
Mayo 1	Initial inventory	10	$91
6	Sale	6
8	Purchase	14	95
13	Sale	4
30	Sale	7

Exercise 2. Perpetual inventory record

Electronic Equipment and Much More had inventory of computers. Using the LIFO method and the perpetual inventory system, the company recorded the beginning inventory, purchases, and sales.

a. Determine the cost of merchandise sold and the value of inventory.

Date	Detail	Amount	unit cost
Mayo 1	Initial inventory	12	$125
6	Sale	6
8	Purchase	11	110
13	Sale	4
30	Sale	2

Exercise 3. Perpetual inventory record

Msica y Ms had an inventory of guitars and other musical instruments. Using the average inventory method and the perpetual inventory system, the company recorded beginning inventory, purchases, and sales.

a. Determine the cost per unit and the cost of merchandise sold.

Date	Detail	Amount	unit cost
Mayo 1	Initial inventory	8	$82
6	Sale	3
8	Purchase	20	83
13	Sale	4
30	Sale	6