Perpetual Inventory Using LIFO

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

July 1		Inventory	104 units @ $29
5		Sale	83 units
11		Purchase	115 units @ $31
21		Sale	97 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	7	units at $31	$217
Aug. 7	Purchase	20	units at $33	660
Dec. 11	Purchase	14	units at $35	490
		41	units	$1,367

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).

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)
MX62	91	$28	$30
TX24	192	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.

$