Problem 9-69

Inventory Computation Using Different Cost Flows

Records of the Swain New Products Co. show the following data relative to Product M:

March	2	Inventory	450 units at $26.00
	3	Sale	400 units at $33.00
	6	Purchase	350 units at $27.50
	13	Purchase	300 units at $28.00
	20	Sale	300 units at $34.50
	25	Purchase	100 units at $27.00
	28	Sale	200 units at $35.00

Instructions: Calculate the inventory balance and the gross profit on sales for the month on each of the following bases.

• 1. Perpetual FIFO
• 2. Periodic FIFO
• 3. Perpetual LIFO
• 4. Periodic LIFO
• 5. Perpetual average (Carry calculations to five decimal places and round to two.)
• 6. Periodic average