136. Beginning inventory, purchases and sales data for widgets are as follows:
Apr 3
Inventory
15 units
@
$30
11
Purchase
12 units
@
$27
14
Sale
18 units
21
Purchase
7 units
@
$25
25
Sale
10 units
Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using LIFO.
Purchases
Cost ofMerchandise Sold
Inventory
Date
Qty
Unit Cost
Total Cost
Qty
Unit Cost
Total Cost
Qty
Unit Cost
Total Cost
Balances
137. Beginning inventory, purchases and sales data for widgets are as follows:
Apr 3
Inventory
15 units
@
$30
11
Purchase
12 units
@
$27
14
Sale
18 units
21
Purchase
7 units
@
$25
25
Sale
10 units
Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost of merchandise sold and ending inventory using FIFO.
Purchases
Cost ofMerchandise Sold
Inventory
Date
Qty
Unit Cost
Total Cost
Qty
Unit Cost
Total Cost
Qty
Unit Cost
Total Cost
Balances
138. The units of an item available for sale during the year were as follows:
January 10
Inventory
27 units @ $90
February 27
Purchase
54 units @ $98
July 11
Purchase
63 units @ $106
November 13
Purchase
36 units @ $115
There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost by (a) the first-in, first-out method, (b) the last-in, first-out method, and (c) the average cost method. Show your work.
139. The units of an item available for sale during the year were as follows:
January 11
Inventory
60 units @ $145
February 27
Purchase
90 units @ $150
November 21
Purchase
75 units @ $154
There are 48 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 average cost method. Show your work.
