Question 7 Q 9 US History Lig 22 units 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. Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory @ $16 5 Sale 13 units 17 Purchase 24 units @ $18 30 Sale 23 units Total Inventory Quantity Cost per Unit Market value per Unit conomics (Mac ro) Item Cost Market LCM Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. A 193 $8 $12 $1,544 $2,316 $ B 102 15 12 1,530 1,224 a. Cost of merchandise sold 1,406 x 40 25 28 1,000 1,120 b. Inventory, September 30 82 hi Theta Kappa (2021) Total |10 D 8 a Q The following units of an inventory item were available for sale during the year: Travis Company purchased merchandise on account from a supplier for $11,700, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Beginning inventory 9 units at $48 First purchase 18 units at $53 Second purchase 20 units at $59 $ Third purchase 16 units at $64 The firm uses the periodic inventory system. During the year, 48 units of the item were sold. Under a perpetual inventory system, journalize these transactions. If an amount box does not require an entry, leave it blank. a. The value of ending inventory using LIFO is a. $966 b. b. $750 c c. $1,182 Od $432