Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales for Item Zeta9 are as follows:

Oct. 1		Inventory	175 units at $30
7		Sale	155 units
15		Purchase	200 units at $33
24		Sale	140 units

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31.

a. Cost of goods sold on October 24	$
b. Inventory on October 31	$

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item 88-HX are as follows:

July 1		Inventory	90 units at $54
8		Sale	75 units
15		Purchase	125 units at $60
27		Sale	80 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31.

a.	Cost of goods sold on July 27	$
b.	Inventory on July 31	$

Perpetual Inventory Using Weighted Average

Beginning inventory, purchases, and sales for WCS12 are as follows:

Oct. 1		Inventory	300 units at $8
13		Sale	175 units
22		Purchase	375 units at $10
29		Sale	280 units

a. Assuming a perpetual inventory system and using the weighted average cost method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. $per unit

b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. $

c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. $

Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method.

The units of an item available for sale during the year were as follows:

Jan. 1	Inventory	20	units at $360	$7,200
Aug. 13	Purchase	260	units at $342	88,920
Nov. 30	Purchase	40	units at $357	14,280
Available for sale		320	units	$110,400

There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method.

a.	First-in, first-out (FIFO) method	$
b.	Last-in, first-out (LIFO) method	$
c.	Weighted average cost method	$

Lower-of-Cost-or-Market Method

On the basis of the following data:

Item	Inventory Quantity	Cost per Unit	Market Value per Unit (Net Realizable Value)
JFW1	6,330	$10	$11
SAW9	1,140	36	34

Determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 9.

$