Create the journal entries and maintain the Inventory T-Acct based on the
following transactions using the perpetual weighted average
inventory method

9.1	5-Jan-09	bought on credit 10,000 barrels of crude oil for $600,000
	15-Jan-09	bought for cash 8,200 barrels of crude oil for $451,000
	30-Mar-09	bought on credit 11,200 barrels of crude oil for $694,400
	2-May-09	bought on credit 9,400 barrels of crude oil for $479,400
	13-Jul-09	sold for cash 30,000 barrels of crude oil for $2,700,000

(check figure: perpetual weighted average inventory balance = 504,594)

9.2

Amiras Corporation began operations on January 1, 2014, with a beginning inventory of $30,100.00 at cost and $50,000.00 at retail.

The following information relates to 2014:

Net purchases		Cost: $108,500.00; Retail: $150,000.00
Net markups		$ 10,000.00
Net markdowns		$ 5,000.00
Sales		$ 126,900.00

Compute the ending inventory using the LIFO Retail Method

(check figure: ending balance = $49,770.00)

Compute the ending inventory using Dollar-Value LIFO Retail Method
Price Index is 1.10

(check figure: ending balance = $46,270.00)

9.3	An area of trees were cut and sold to a lumber saw mill for $350,000.00
	Three grades of lumber were able to be identified from the trees that were cut:
	320,000 feet of Grade A lumber appraised at $140,000.00
	492,000 feet of Grade B lumber appraised at $157,440.00
	554,000 feet of Grade C lumber appraised at $105,260.00

What will be the general journal to record this purchase and what is the price per foot
paid for each grade of lumber?

(check figure: total price paid for Grade C lumber = 91,484.98)