Perpetual: Assume that Marvel uses a perpetual FIFO inventory

system. What is the dollar value of its ending inventory?

a. $2,940 d. $2,852

b. $2,685 e. $2,705

c. $2,625

Perpetual: Assume that Marvel uses a perpetual LIFO inventory

system. What is the dollar value of its ending inventory?

a. $2,940 d. $2,852

b. $2,685 e. $2,705

c. $2,625

Perpetual and Periodic: Assume that Marvel uses a specific

identification inventory system. Its ending inventory

consists of 20 units from beginning inventory, 40 units from

the July 3 purchase, and 45 units from the July 15 purchase.

What is the dollar value of its ending inventory?

a. $2,940 d. $2,852

b. $2,685 e. $2,840

c. $2,625

Use the following information from Marvel Company for the
month of July to answer questions 1 through 4.

Transcribed Image Text:

July 1 Beginning inventory.. July 3 Purchase.. July 8 Sale...... July 15 Purchase... July 23 Sale.... 75 units @ $25 each 348 units @ $27 each 300 units 257 units @ $28 each 275 units