Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory tem, as shown in Exhibit Market Value per Unit (Net Realizable Value) Item Inventory Quantity Cost per Unit JFWI 69 $48 $44 SAW9 141 24 29 Refred NOW YOU Barmes la Calculator Print Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 23 units @ $14 5 Sale 11 units 17 Purchase 28 units $15 30 Sale 14 units Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 23 units $14 5 Sale 11 units 17 Purchase 28 units $15 30 Sale 14 units Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30 a) Cost of goods sold 364 X b) Inventory, September 30 378 Check My Work Partially correct Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 28 units $15 5 Sale 16 units 17 Purchase 31 units $18 30 Sale 31 units mesuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30. a. Cost of goods sold 762 X b. Inventory, September 30 216 Check My Work Partially correct Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta are as follows: Oct. 1 Inventory 43 units $19 7 Sale 29 units 15 Purchase 37 units $20 24 Sale 19 units Assuming a perpetual inventory system and using the first in, first-out (FIFO) method, determine (a)the cost of goods sold on October 24 and (b) the inventory on October 31 a. Cost of goods sold on October 24 366 b. Inventory on October 31 645 X Check My World a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of "layers Determine how much inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases Learning Objective 3