Question 13.

PART 1

PART 2.

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 41 units @ $25 7 Sale 31 units 15 Purchase 43 units @ $27 24 Sale 14 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 On the basis of the following data, 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 10. Market Value per Unit (Net Realizable Value) Item Inventory Quantity Cost per Unit JFW1 139 $52 $47 SAW9 286 25 29