Reference no: EM132568297
Questions -
Q1. Beginning inventory, purchases, and sales for Item MMM8 are as follows:
November 1 Inventory 105 16
9 Sale 91
16 Purchase 130 10
25 Sale 76
Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30?
Q2. The units of an item available for sale during the year were as follows:
Jan 1 Inventory 15 units at 122
April 15 Purchase 140 units at 116
September 9 Purchase 26 units at 122
There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO) ?
Q3. Beginning inventory, purchases, and sales for Item MMM8 are as follows:
November 1 Inventory 109 16
9 Sale 88
16 Purchase 125 23
25 Sale 83
Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the Cost of Goods Sold in November. ?
Q4. The units of an item available for sale during the year were as follows:
Jan 1 Inventory 12 units at 126
April 15 Purchase 132 units at 117
September 9 Purchase 28 units at 123
There are 39 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the first-in, first-out (FIFO)?
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