Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item PK95 are as follows:

August 1		Inventory	76 units @ $23
9		Sale	62 units
13		Purchase	87 units @ $26
28		Sale	20 units

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

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

2.)

Lower-of-Cost-or-Market Method

On the basis of the data shown below:

Item	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)
MX62	64	$26	$28
O5T4	127	14	9

Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9.

$

3.)

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	13	units at $36	$468
Aug. 7	Purchase	20	units at $37	740
Dec. 11	Purchase	15	units at $39	585
		48	units	$1,793

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	$