Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item ER27 are as follows:

May 1		Inventory	55 units @ $15
9		Sale	37 units
13		Purchase	51 units @ $17
28		Sale	25 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31.

a. Cost of merchandise sold on May 28	$
b. Inventory on May 31	$

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item ER27 are as follows:

January 1		Inventory	96 units @ $17
5		Sale	77 units
11		Purchase	107 units @ $19
21		Sale	90 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31.

a. Cost of merchandise sold on January 21	$
b. Inventory on January 31

Perpetual Inventory Using Weighted Average

Beginning inventory, purchases, and sales for Meta-B1 are as follows:

July 1		Inventory	100 units at $400
12		Sale	70 units
23		Purchase	120 units at $450
26		Sale	110 units

a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase. $per unit

b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on July 26. $

c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on July 31. $

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods

The units of an item available for sale during the year were as follows:

Jan. 1	Inventory	8	units at $43	$344
Aug. 7	Purchase	20	units at $46	920
Dec. 11	Purchase	11	units at $47	517
		39	units	$1,781

There are 19 units of the item in the physical inventory at December 31. The periodic inventory 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 (round per unit cost to two decimal places and your final answer to the nearest whole dollar).

a.	First-in, first-out (FIFO)	$
b.	Last-in, first-out (LIFO)	$
c.	Weighted average cost	$