Exercise 1-FIFO Perpetual Chapter 6 Homework Lighting Designs by Laura has the following list of beginning inventory, purchases, and sales for the month of May Date Transaction 5/1 Beginning Inventory 5/6 5/9 Purchase Sale 5/12 Purchase 5/16 Sale 5/22 Purchase # of Bulbs Price per Bulb 300 $0.75 200 $0.60 350 100 $0.65 175 125 $0.70 100 5/30 Sale Calculate the cost of ending inventory using the first-in, first-out method under a perpetual inventory system. Exercise 2-LIFO Perpetual Lighting Designs by Laura has the following list of beginning inventory, purchases, and sales for the month of May Date Transaction 5/1 Beginning Inventory 516 Purchase 5/9 Sale 5/12 Purchase 5/16 Sale 5/22 Purchase 5/30 Sale # of Bulbs Price per Bulb 300 $0.75 200 $0.60 350 100 $0.65 175 125 $0.70 100 Calculate the cost of ending inventory using the last-in, first-out method under a perpetual inventory system. Exercise 3-Periodic (FIFO, LIFO, Average) Spring River sells bottled water using a periodic inventory system. The following is a list of beginning inventory and purchases for bottles used in manufacturing their spring water. Inventory/Purchases Beginning Inventory First Purchase Second Purchase Third Purchase # of bottles 4,000 2,500 3,000 1,000 Price per Bottle $0.10 $0.12 $0.15 $0.14 At the end of the year, 2,000 bottles remained in ending inventory. What is cost of merchandise sold and ending inventory under the FIFO, LIFO and average cost methods? Present your answers in the following form (in an excel spreadsheet): Assumption Method FIFO LIFO Average Cost of Merchandise Sold Inventory