Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item ProX2 are as follows:
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Jan. 1
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Inventory
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60 units at $100
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9
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Sale
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35 units
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13
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Purchase
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50 units at $110
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25
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Sale
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48 units
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Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
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a. Cost of merchandise sold on January 25
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$______
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b. Inventory on January 31 ______
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Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item Zebra 9x are as follows:
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April 1
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Inventory
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420 units at $8
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10
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Sale
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300 units
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18
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Purchase
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280 units at $9
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27
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Sale
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250 units
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Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.
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a. Cost of merchandise sold on April 27
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$_______
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b. Inventory on April 30
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$_______
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