l'arpetual Inventory Using PRACTICE PROBLEMS PERPETUAL Beginning inventory. purchases, and sales for liem Zar) are as follows Od. 1 Inventory 175 units at $30 7 Sale 155 units 15 Purchase 200 units at $33 24 Sak Assuming a perpetud inventory system and using the first and first out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31 2. Cost of goods sold on October 24 b. Inventory on October 31 System: Method: Date Quantity Purchase Cast X Cart of Goods Sold Quantity X Cost Inventury (Halance) X Cost Total Cost - Total Cost Total Cast Quantity Perpetual Inventory UsingLIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 90 units at $54 8 Sale 75 units 15 Purchase 125 units at $60 27 Sale 80 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a Cost of goods sold on July 27 b. Inventory on July 31 System: Method: Date Quantity Purchase X Cost Total Cost Cost of Goods Sold Quantity X Cost Total Cost Inventory (Balance) Quantity X Cost Total Cost Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $8 13 Sale 175 units 22 Purchase 375 units at $10 29 Sale 280 units Cost of goods sold on Oct 29 b. Inventory on Oct 29 System: Method: Date Quantity Purchase X Cost Total Cost Quantity Cost or Goods Sold X Cost - Total Cost Inventory (Balance) Quantity X Cost Total Cost Jan. 1 Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Inventory 1,000 units at $15 Feb. 17 Purchase 1,375 units at $16 July 21 Purchase 1,500 units at $17 Nov. 23 Purchase 1,125 units at There are 1,100 units of the item in the physical inventory at December 31. The periodic inventory system is used. 2. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Inventory Quantity Cost Total Cost Date Beg Inv Purchase Purchase Purchase Available for Sale