PE 7-4A Perpetual inventory using weighted average Beginning inventory, purchases, and sales for 30xT are as follows: OBI. 3 May 1 12 23 26 Inventory50 units at $80 Sale Purchase 60 Sale 35 units units at $90 55 units Assuming a perpetual inventory system and using the weighted average method, deter- mine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (o) the inventory on May 31 PE 7-6A Lower-of-cost-or-market method OBJ. 6 On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 10. Item Raven 10 1,200 Dove 23 6,500 Cost per Unlt Market Value per Unlt (Net Realzable Value) $112 Quantity $115 17 PE 7-2A Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Prox2 are as follows: OBJ. 3 Jan. 1Inventory 9 60 units at $100 35 units Sale 13 Purchase 50 units at $110 25 Sale 48 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, de termine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31. PE 7-3A Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: OBJ. 3 April 1 10 18 27 Inventory420 units at $8 Sale Purchase 280 Sale 300 units units at $9 250 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, deter mine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30