Question: ACCOUNTING 1 CHAPTER 6 PROBLEMS 1. Samuel Company uses a perpetual inventory system. Details for the inventory account for the month of November 2021 are

ACCOUNTING 1 CHAPTER 6 PROBLEMS 1. Samuel Company uses a perpetual inventory system. Details for the inventory account for the month of November 2021 are as follows: Units Price per Unit Beginning Inventory 100 $10.00 Purchase, November 7 40 12.00 Sale, November 12 60 Purchase, November 15 70 13.00 Sale, November 26 50 Required: (Please show your work for partial credit) (a) Calculate the value of ending inventory using FIFO. (b) Calculate the value of ending inventory using LIFO (c) Calculate the value of ending inventory using weighted averdge cost. 2. Jackson Company had the following ending inventory costs: Product A B C Units on Hand 10 50 35 Unit Cost $ 5 8 10 Market Value $6 7 7 11 Required: (a) Calculate the lower of cost or market (LCM) value for the inventory as a whole. (b) Calculate the lower of cost or market (LCM) value for each individual item

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