Requirement: Aloha Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for May.

1. Compute cost of goods available for sale and number of units available for sale. 2. Compute the number of units in ending inventory. 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO and (c) Weighted Average. 4. Compute gross profit earned for each of the three costing methods in part 3

Date	Activities	Units Acquired at Cost	Units Sold at Retail
1-May	Beginning Inventory	150 units @ $300 per unit
6-May	Purchase	350 units @ $350 per unit
9-May	Sale		180 units @ $1,200 per unit
17-May	Purchase	80 units @ $450 per unit
25-May	Purchase	100 units @ $458 per unit
30-May	Sale		300 units @ $1,400 per unit
	Total	680 units	480 units

Part 1 - 2

Part 1-3a	Goods Purchased			Cost of Goods Sold			Inventory Balance/Layers
FIFO	Units	Unit Cost	Dollars	Units	Unit Cost	Dollars	Units	Unit Cost	Dollars
1-May							150	$ 300	45,000

Part 1-3b	Goods Purchased			Cost of Goods Sold			Inventory Balance/Layers
LIFO	Units	Unit Cost	Dollars	Units	Unit Cost	Dollars	Units	Unit Cost	Dollars
1-May							150	$ 300	45,000

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