Perpetual Inventory UsingLIFO

Beginning inventory, purchases, and sales for Item 88-HX are as follows:

July 1 Inventory 90 units at $52

July 8 Sale 75 units

July 15 Purchase 125 units at $58

July 27 Sale 100 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31.

a.Cost of goods sold on July 27 $________

b.Inventory on July 31 $_________

Perpetual Inventory Using Weighted Average

Beginning inventory, purchases, and sales for WCS12 are as follows:

Oct. 1 Inventory 320 units at $10

Oct. 13 Sale 180 units

Oct. 22 Purchase 360 units at $12

Oct. 29 Sale 300 units

a.Assuming a perpetual inventory system and using theweighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.

$__________per unit

b.Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.

$__________

c.Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.

$__________