Question 9

Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 103 15 9 Sale 91 16 Purchase 127 12 25 Sale 78 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30.

Question 10

Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 108 15 9 Sale 88 16 Purchase 128 24 25 Sale 78 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the Cost of Goods Sold in November.