The following units of a particular item were available for sale during the calendar year:

Date	Particulars	Amount
Jan. 1	Inventory	8,000 units at $40
Apr. 19	Sale	5,000 units
June 30	Purchase	12,000 units at$48
Sept. 2	Sale	9,000 units
Nov. 15	Purchase	2,000 units at $50

The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5.

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

$$\begin{array}{rlll} \text { Jan. } 1 & \text { Inventory } & 20 \text { units at } \$ 360 & \$ 7,200 \\ \text { Aug. }13 & \text { Purchase } & 260 \text { units at } 342 & 88,920 \\ \text { Nov. } 30 & \text { Purchase } & 40 \text { units at } \$ 357 & 14,280 \\ \end{array}$$

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 weighted average cost method.

The following units of a particular item were available for sale during the year:

$$\begin{array}{ll} \text{Beginning inventory} & 150\ \text{units at}\ \$75\\ \text{Sale} & 120\ \text{units at}\ \$125\\ \text{First purchase} & 400\ \text{units at}\ \$78\\ \text{Sale} & 200\ \text{units at}\ \$125\\ \text{Second purchase} & 300\ \text{units at}\ \$80\\ \text{Sale} & 290\ \text{units at}\ \$125 \end{array}$$

The firm uses the perpetual inventory system, and there are $240$ units of the item on hand at the end of the year. What is the total cost of the ending inventory according to $\left(\text{a}\right)$ FIFO, $\left(\text{b}\right)$ LIFO?

Items available for sale during the year were as follows:

There are 1,000 units of the item in the physical inventory on December 31. The periodic inventory system is used.

Determine the inventory cost and the cost of merchandise sold by the Last-in, First-out (LIFO) method.

The following units of a particular item were available for sale during the calendar year:

$$\begin{array}{lrll}\text { Jan. } & 1 & \text { Inventory } & 4,000 \text { units at } \$ 20 \\ \text { Apr. } & 19 & \text { Sale } & 2,500 \text { units } \\ \text { June } & 30 & \text { Purchase } & 6,000 \text { units at } \$ 24 \\ \text { Sept. } & 2 & \text { Sale } & 4,500 \text { units } \\ \text { Nov. } & 15 & \text { Purchase } & 1,000 \text { units at } \$ 25\end{array}$$

Assume that the business maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated previously in the exhibit.

Assume that the business in the previous exercise maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in the exhibit.

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

$$\begin{array}{lrll} \text { Jan. } & 1 & \text { Inventory } & 1,000 \text { units at } \$ 15 \\ \text { Feb. } & 17 & \text { Purchase } & 1,375 \text { units at } \$ 16 \\ \text { July } & 21 & \text { Purchase } & 1,500 \text { units at } \$ 17 \\ \text { Nov. } & 23 & \text { Purchase } & 1,125 \text { units at } \$ 18 \end{array}$$

There are 1,100 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by the last-in, first-out method

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

There are 32 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the weighted average cost method.

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

$$\begin{array}{ll}\text { Beginning inventory } & 21,600 \text { units at } \$ 20.00 \\ \text { Sale } & 14,400 \text { units at } \$ 40.00 \\ \text { First purchase } & 48,000 \text { units at } \$ 25.20 \\ \text { Sale } & 36,000 \text { units at } \$ 40.00 \\ \text { Second purchase } & 45,000 \text { units at } \$ 26.40 \\ \text { Sale } & 33,000 \text { units at } \$ 40.00\end{array}$$

The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) FIFO, (b) LIFO?

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

There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory using the:

A. First-in, first-out (FIFO) Method

B. Last-in, first-out (LIFO) Method

C. Weighted Average Cost Method

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

$$\begin{array}{ll}\text { Beginning inventory } & 21,600 \text { units at } \$ 20.00 \\ \text { Sale } & 14,400 \text { units at } \$ 40.00 \\ \text { First purchase } & 48,000 \text { units at } \$ 25.20 \\ \text { Sale } & 36,000 \text { units at } \$ 40.00 \\ \text { Second purchase } & 45,000 \text { units at } \$ 26.40 \\ \text { Sale } & 33,000 \text { units at } \$ 40.00\end{array}$$

The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to LIFO?

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

There are 2,000 units of the item in the physical inventory at December 31 . The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting your answers in the following form:

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

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 (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method.

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

There are 23 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method.