Question : 130. The following units of a particular item were available for : 1239794

 

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

Beginning inventory

150 units @ $755

Sale

120 units @ $925

First purchase

400 units @ $785

Sale

200 units @ $925

Second purchase

300 units @ $805

Sale

290 units @ $925

 

 

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 ending inventory according to LIFO? 

 

 

 

 

 

131. Beginning inventory, purchases, and sales for Product – Weld TM are as follows: 

Sep. 1

Beginning Inventory

24 units

 

@

$10

Sep. 5

Sale

17 units

 

 

 

Sep. 17

Purchase

10 units

 

@

$15

Sep. 30

Sale

8 units

 

 

 

 

 

 

 

 

 

Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. 

 

 

 

 

 

132. Using a LIFO perpetual cost flow, calculate the value of the ending inventory and the cost of goods sold for the month of November of Beamer Company using the data below. 

Nov  1

Purchased

600 units

$80 each

Nov  4

Sold

200 units

 

Nov 11

Purchased

350 units

$82 each

Nov 12

Sold

275units

 

Nov 22

Purchased

175 units

$84 each

Nov 23

Sold

155 units

 

 

 

 

 

Calculate the following:1. Inventory valuation at the end of November2. Calculate the Cost of Goods Sold for November 

 

 

 

 

 

133. Complete the following table using the perpetual FIFO method of inventory flow. 

Inventory Valuation Perpetual FIFO

 

 

 

 

Date

Purchased Units

UnitCost

Units Sold

UnitCost

Inventory Units Balance

UnitCosts

Inventory DollarBalance

2-Jul

600

12

 

 

 

 

 

Bal.

 

 

 

 

 

 

 

5-Jul

200 

13

 

 

 

 

 

Bal.

 

 

 

 

 

 

 

7-Jul

 

 

300

 

 

 

 

Bal.

 

 

 

 

 

 

 

10-Jul

325 

14

 

 

 

 

 

Bal.

 

 

 

 

 

 

 

12-Jul

 

 

300150

 

 

 

 

Bal.

 

 

 

 

 

 

 

18-Jul

250

13

 

 

 

 

 

Bal.

 

 

 

 

 

 

 

22-Jul

 

 

50205

 

 

 

 

Bal.

 

 

 

 

 

 

 

25-Jul

 

 

120180

 

 

 

 

Bal.

 

 

 

 

 

 

 

28-Jul

330

15

 

 

 

 

 

Bal.

 

 

 

 

 

 

 

31-Jul

 

 

705

 

 

 

 

 

EndingBalance

 

 

FIFO INVENTORY VALUATION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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