Perpetual inventory Using IF Beginning inventory purchases, and sales for Item 1901 are as follows: January 1 $22 Inventory Sale 41 units 30 units 9 13 Purchase 29 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 January 28 and (b) the inventory on January 31 a. Cost of merchandise sold on January 28 384 X b. Inventory on January 31 $ 554 X Feedback Check My Work tory a When the FIFO method is used, costs are included in cost of merchandise sold in the order in which they were purchased Think of your inventory in terms of Tayers Determine how much remains from each layer after each sale b. The ending inventory is made up of the most recent purchases eBook * Show Me How Calculator Print Item 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 Aug. 7 Inventory Purchase $260 540 Dec. 11 10 units at $26 20 units at $27 13 units at $29 43 units Purchase 377 $1,177 There are 20 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). 377 X a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ 547.44 eBook Show Me How dodaten Pont Mom Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Quantity Cost per Unit Market value per Unit (Net Realizable Value) Item 57 137 TXR4 126 249 29 Determine the value of the inventory at the lower of stor market by applying Tower of tomater to achievento $ 14,286 x Feed Check My Work Under lower costo market, for each dem in inventory choose the lower of cost and total market value for each dem ice or the o t her