Perpetual Inventory Using FIFO

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

May 1		Inventory	41 units @ $22
9		Sale	30 units
13		Purchase	27 units @ $24
28		Sale	16 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:

July 1		Inventory	98 units @ $28
5		Sale	78 units
11		Purchase	109 units @ $31
21		Sale	92 units

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

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

eriodic 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	12	units at $5,400	$64,800
Aug. 7	Purchase	18	units at $6,000	108,000
Dec. 11	Purchase	15	units at $6,480	97,200
Available for sale		45	units	$270,000

There are 14 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.

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