126. The units of an item available for sale during the year were as follows:
Jan. 1
|
Inventory
|
15 units at $25
|
Apr. 4
|
Purchase
|
10 units at $24
|
May. 20
|
Purchase
|
20 units at $28
|
Oct. 30
|
Purchase
|
18 units at $30
|
|
|
|
There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by the last-in, first-out method.
$471 (15 units at $25 and 4 units at $24)
127. The beginning inventory and purchases of an item for the period were as follows:
Beginning inventory
|
6 units at $70 each
|
First purchase
|
10 units at $75 each
|
Second purchase
|
18 units at $80 each
|
Third purchase
|
10 units at $85 each
|
|
|
The company uses the periodic system, and there were 15 units in the inventory at the end of the period. Determine the cost of the 15 units in the inventory by each of the following methods, presenting details of your computations: (a) first-in, first-out; (b) last-in, first-out; (c) average cost.
(a)
(b)
(c)
128. Beginning inventory, purchases and sales data for T-shirts are as follows:
Apr 3
|
Inventory
|
24 units
|
|
@
|
$10
|
11
|
Purchase
|
26 units
|
|
@
|
$12
|
14
|
Sale
|
36 units
|
|
|
|
21
|
Purchase
|
18 units
|
|
@
|
$15
|
25
|
Sale
|
20 units
|
|
|
|
|
|
|
|
|
|
Assuming the business maintains a
periodic
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
b. Cost of Merchandise Sold = $702.00
Ending Inventory = $120 (12 units @ $10)