Perpetual Inventory Using FIFO

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

August 1		Inventory	52 units @ $16
9		Sale	37 units
13		Purchase	58 units @ $19
28		Sale	23 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	$

Perpetual Inventory Using LIFO

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

July 1		Inventory	86 units @ $29
5		Sale	69 units
11		Purchase	95 units @ $33
21		Sale	80 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	$

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	14	units at $27	$378
Aug. 7	Purchase	19	units at $28	532
Dec. 11	Purchase	15	units at $29	435
		48	units	$1,345

There are 18 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	$

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)
CK3J	92	$53	$56
TX24	185	25	22

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.

$