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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 106 units @ $33 5 Sale 85 units 118 units @ $37 11 Purchase 21 Sale 99 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 I. b. Inventory on January 31 Model January 1 1st 2nd 3rd December 31 C55 3 at $1,040 3 at $1,054 3 at $ 1,060 3 at $ 1,070 4 D11 9 at 639 7 at 645 6 at 666 6 at 675 11 F32 5 at 240 3 at 260 1 at 260 1 at 280 2 H29 6 at 305 3 at 310 3 at 316 4 at 317 4 K47 6 at 520 8 at 531 4 at 549 6 at 542 8 NO 533 - 4 at 222 4 at 232 2 X74 4 at 35 6 at 36 8 at 37 7 at 39 7 Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out m If the inventory of a particular model comprises one entire purchase plus a portion another purchase acquired at a different unit cost, use a separate line for each pur If units are in inventory at two different costs, enter the units PURCHASED MOST RECENTLY first. Pappa's Appliances Cost of the Inventory-FIFO Method December 31 Model Quantity Total Cost Unit Cost CSS C55 D11 D11 F32 F32 H29 K47 K47 S33 X74 Total 2. Determine the cost of the inventory on December 31 by the last-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the OLDEST units first. a's Apollance Cost of the inventory-LIFO Method December 31 Unit Cost Model Quantity CSS Total Cout CSS 011 011 732 H29 K47 K47 533 X74 X74 Total 3. Determine the cost of the inventory on December 31 by the weighted average cost method. Pappa's Appliances Cost of the Inventory Weighted Average Method December Model Quantity Unit Cost Total Cont CSS 011 F32 H29 K47 533 X74 Total would be preferred for income tax purposes in periods of declining prices. Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Inventory Description Quantity Price Unit Market B12 38 141 160 G19 33 120 LSS 10 550 7 N96 400 T33 20 P24 90 18 R66 3 250 140 216 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to- the-last purchases invoice are summarized as follows: Last Next-to-the-last Purchases Invoice Purchases Invoice Quantity Unit Quantity Unit Description Purchased Cost Purchased Cost 30 560 30 559 141 35 178 20 20 128 25 120 10 563 B12 180 G19 LS 10 560 N94 500 500 7 3 22 P20 50 21 R66 5 4 260 T33 100 100 21 750 19 745 216 10 Required: Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Insert the quantity and unit cost of the last purchase. 2. Insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the Lower of C or M column. Inventory Sheet December 31 Description Inventory Quantity Unit Cost Price Unit Market Price Total Cost Total Market B12 38 30 $60 $57 $1,800 $1 8 59 57 472 2,272 2 E41 18 G19 33 L88 18 N94 400 P24 90 R66 8 I II II III T33 140 216 15 Total