Question 10

Beginning inventory, purchases, and sales for Item MMM8 are as follows:

November 1 Inventory 104 15 9 Sale 8816 Purchase 133 20 25 Sale 84

Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the Cost of Goods Sold in November.

Question 12

The units of an item available for sale during the year were as follows:

Jan 1 Inventory 17 units at 122 April 15 Purchase 138 units at 116 September 9 Purchase 21 units at 126

There are 38 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)

Question 14

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit below.

ItemInventory QuantityUnit Cost Price ($)Unit Market Price ($) MT22 802 99 83 4WY09 21818 37 42 1GDS 8388 194 165