I need help answers all of these questions.
EE 7-1 p. 349 OBJ. 2 PE 7-1A Cost flow methods The following three identical units of Item A are purchased during April: Units Apr. ItemA 2 Purchase 14 Purchase 28 Purchase Total Average cost per unit - - -imi Cost $ 68 73 75 $216 $ 72 ($216 + 3 units) Assume that one unit is sold on April 30 for $118. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. EE 7-1 p. 349 OBJ. 2 PE 7-1B Cost flow methods The following three identical units of Item Beta are purchased during June: Units Cost June 50 Item Beta 2 Purchase Purchase Purchase Total Average cost per unit 23 $180 $ 60 ($180 = 3 units) Assume that one unit is sold on June 27 for $110. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Chapter 7 Inventories 377 EE 7-5 p.358 PE 7-5A Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ. 4 The units of an item available for sale during the year were as follows: Jan. 1 Aug. 7 Dec. 11 Available for sale Inventory Purchase Purchase 12 units at $5,400 18 units at $6,000 15 units at $6,480 45 units $ 64,800 108,000 97,200 $270,000 There are 14 units of the item in the physical inventory at December 31. The periodic in- ventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method. PE 7-5B Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ. 4 The units of an item available for sale during the year were as follows: Jan. 1 Aug. 13 Nov. 30 Available for sale Inventory Purchase Purchase 20 units at $360 260 units at $342 40 units at $357 320 units $ 7,200 88,920 1 4,280 $110,400 There are 57 units of the item in the physical inventory at December 31. The periodic in- ventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method. PE 7-6A Lower-of-cost-or-market method OBJ. 6 On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9. Item Raven 10 Dove 23 Inventory Quantity 1,200 6,500 Cost per Unit $115 Market Value per Unit (Net Realizable Value) $112 22 17 PE 7-6B Lower-of-cost-or-market method OBJ. 6 On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9. Item JFW1 SAW9 Inventory Quantity 6,330 1,140 Cost per Unit $10 36 Market Value per Unit (Net Realizable Value) $11
