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1. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.

1. Under FIFO, the cost of goods sold and ending inventory cost will be the same regardless of whether periodic or perpetual us used.

Ending inventory =500*$6.79+200*$6.60= 3,395+1,320=$4,715

2. Under LIFO, ending inventory= 500*$6.79+100*$6+100*$6.08=$4,603

b. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.

Ending inventory =$4,715

Cost of goods sold =$33,655-4,715=$28,940

Weighted average =$33,655/5,300=$6.35

Ending inventory =$6.35*700=$4,445

compute moving average ending inventory cost?

E8.11 (LO 3) (FIFO, LIFO and Average-Cost Determination) John Adams Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 600 @ $ 6.00 April 3 500 @ $10.00 4 1,500 @ 6.08 9 1,400 @ 10.00 8 800 @ 6.40 11 600 @ 11.00 13 1,200 @ 6.50 23 1,200 @ 11.00 700 @ 6.60 27 900 @ 12.00 500 @ 6.79 4,600 5,300 21 29 E8.11 (LO 3) (FIFO, LIFO and Average-Cost Determination) John Adams Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 600 @ $ 6.00 April 3 500 @ $10.00 4 1,500 @ 6.08 9 1,400 @ 10.00 8 800 @ 6.40 11 600 @ 11.00 13 1,200 @ 6.50 23 1,200 @ 11.00 700 @ 6.60 27 900 @ 12.00 500 @ 6.79 4,600 5,300 21 29