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

Accounting

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

Bal.

5-Jul

200

Bal.

7-Jul

300

Bal.

10-Jul

325

Bal.

12-Jul

300150

Bal.

18-Jul

250

Bal.

22-Jul

50205

Bal.

25-Jul

120180

Bal.

28-Jul

330

Bal.

31-Jul

705

EndingBalance

FIFO INVENTORY VALUATION:

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