1. The following purchases and sales took place at O’Donnell Glassware.

Jun 2	Purchased 25 cases of glasses on account for $73 per case (terms 2/10, n/30)
Jun 5	Purchased 45 cases of glasses on account for $82 per case (terms 3,15, n/30)
Jun 10	Sold 34 cases of glasses on account for $127 per case (terms n/30)

Calculate the value of inventory after the sale on June 10 using FIFO valuation and a perpetual inventory system.

2. The following purchases and sales took place at O’Donnell Glassware.

Jun 2	Purchased 23 cases of glasses on account for $75 per case (terms 2/10, n/30)
Jun 5	Purchased 41 cases of glasses on account for $82 per case (terms 3,15, n/30)
Jun 10	Sold 33 cases of glasses on account for $131 per case (terms n/30)

Find the cost of goods sold for the June 10 sale using weighted-average cost valuation and a perpetual inventory system.

3. The following purchases and sales took place at O’Donnell Glassware.

Jun 2	Purchased 25 cases of glasses on account for $75 per case (terms 2/10, n/30)
Jun 5	Purchased 46 cases of glasses on account for $84 per case (terms 3,15, n/30)
Jun 10	Sold 33 cases of glasses on account for $129 per case (terms n/30)

Calculate the value of ending inventory using specific identification valuation and a perpetual inventory system. Assume that 20 of the cases sold came from the June 2 purchase and the other 13 from the June 5 purchase

Answer rating: 100% (QA)

Using FIFO valuation method the cost of goods sold for the sale on June 10 is calculated as follows ... View the full answer