Show Me How Calculator Print Item Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: January 1 65 units $22 Inventory Sale 9 52 units 13 Purchase 40 units @ $26 28 Sale 18 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory or January 31 a. Cost of merchandise sold on January 28 b. Inventory on January 31 Food Check My Won a When the FIFO method is used, costs are included in cost of merchandise sold in the order in which they were purchased. Think of your inventory in terms of "layers. Determine how much inventory remains from each layer after each salo b. The ending Inventory is made up of the most recent purchases. Assignments May 2 The Foll. Untitled Untitled Untitled Beginning inve... Beginning inve Apr.1 Inventory $128 eBook Show Me How Calculator Print Item Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: January 1 92 units @ $17 Inventory Sale 5 74 units 11 Purchase 102 units $21 21 Sale 86 units Assuming a perpetual Inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31 Check My Work 2 more Check My Work uses remaining Previous Next > Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory Mar. 10 Purchase 40 units @ $122 70 units @ $132 20 units $140 Aug. 30 Purchase Dec. 12 Purchase 70 units $142 There are 80 units of the item in the physical Inventory at December 31. The periodic Inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost