Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item ProX2 are as follows:

Jan. 1		Inventory	60 units at $100
9		Sale	35 units
13		Purchase	50 units at $110
25		Sale	48 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.

a. Cost of merchandise sold on January 25	$______
b. Inventory on January 31 ______

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item Zebra 9x are as follows:

April 1		Inventory	420 units at $8
10		Sale	300 units
18		Purchase	280 units at $9
27		Sale	250 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.

a. Cost of merchandise sold on April 27	$_______
b. Inventory on April 30	$_______