Question 2

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

November 1 Inventory 109169 Sale 9716 Purchase 1342325 Sale 76

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

Question 3

Beginning inventory, purchases, and sales for Item CSW15 are as follows:

August 1 Inventory 102169 Sale 9516 Purchase 1342025 Sale 80

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