124. Beginning inventory, purchases and sales data for hammers are as follows: Mar 3 Inventory 12 units @ $25 11 Purchase 13 units @ $27 ...

124. Beginning inventory, purchases and sales data for hammers are as follows:

Assuming the business maintains a

perpetual

inventory system, calculate the cost of merchandise sold and ending inventory under the following assumptions:
a. First-in, first-out
b. Last-in, first-out

a. Cost of merchandise sold = $741 (300+162+189+90)

Ending Inventory = $180 (6 units @ $30)

125. The units of an item available for sale during the year were as follows:

There are 25 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the first-in, first-out costing method.