Question 5

Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 15617 Purchase 1 17326 Purchase 1

183

Assume that one unit is sold on July 31 for $232. Determine the ending inventory on July 31 using the last-in,first-out (LIFO) method.

Question 6

Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 15717 Purchase 1 16826 Purchase 1

197

Assume that one unit is sold on July 31 for $234. Determine the gross profit for July using the first-in,first-out (FIFO) method.

Question 7

Three identical units of Item K113 are purchased during July, as shown below.

Item K113 Units Cost July 9 Purchase 1 15117 Purchase 1 17026 Purchase 1

195

Assume that one unit is sold on July 31 for $247. Determine the ending inventory on July 31 using the first-in,first-out (FIFO) method.