Reference no: EM132611623

a) Murray, Inc., purchased a new inventory item two times during the month of April, as follows:

Apr. 5 100 units @ $5.00

Apr. 15 100 units @ $5.05

Question 1: What is the amount of the ending inventory of this item on April 30 if the company has sold?

75 units and uses the LIFO inventory method?

b) Smart fashion has made the following purchases during the year. The total number of units sold during the year is 30.

Question 2: Find out the cost of goods sold and ending inventory by using FIFO PERPETUAL METHOD.

Table::

Date                       # of units                         Unit cost

01/01/2019               10                                5

12/04/2019                  15                            6

18/08/2019                   20                          7

25/10/2019                  22                          8

28/12/2018                    25                       10