Accounting 1A Chapter 6 - Inventories Inventory Calculations Practice Problems 1 The company uses the perpetual inventory system. Unit Cost $100 Inventory Costing Methods - Perpetual Inventory System Date Units 7/1/21 Beginning Inventory 0 7/5/21 Purchase 5,000 units at 7/15/21 Sale 1 500 7/20/21 Purchase 400 units at 7/23/21 Sale 2 1,000 7/25/21 Purchase 800 units at 7/30/21 Sale 3 1,200 $105 $110 Total Cost of Merchandise Purchased During the Month Total Number of Units Available During the Month Total Units Sold During the Month Total Units in Ending Inventory at July 31 Cost of Goods Sold for the Month Under FIFO Cost of Ending Inventory under FIFO Cost of Goods Sold for the Month Under LIFO Cost of Ending Inventory Under LIFO