133.Beginning inventory, purchases, and sales for an inventory item are as follows:
Sep. 1
|
Beginning inventory
|
24 units
|
@
|
$15
|
5
|
Sale
|
17 units
|
|
|
17
|
Purchase
|
10 units
|
@
|
$20
|
30
|
Sale
|
8 units
|
|
|
Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandisesold for the September 30 sale and (b) the inventory on September 30.
134.Beginning inventory, purchases, and sales for an inventory item are as follows:
Beginning inventory
|
150 units @ $755
|
Sale
|
120 units
|
First purchase
|
400 units @ $785
|
Sale
|
200 units
|
Second purchase
|
300 units @ $805
|
Sale
|
290 units
|
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 FIFO?
135.Beginning inventory, purchases, and sales for an inventory item are as follows:
Beginning inventory
|
150 units @ $755
|
Sale
|
120 units
|
First purchase
|
400 units @ $785
|
Sale
|
200 units
|
Second purchase
|
300 units @ $805
|
Sale
|
290 units
|
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?
136.Beginning inventory, purchases, and sales for an inventory item are as follows:
Sep. 1
|
Beginning inventory
|
24 units
|
@
|
$10
|
5
|
Sale
|
17 units
|
|
|
17
|
Purchase
|
10 units
|
@
|
$15
|
30
|
Sale
|
8 units
|
|
|
Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandisesold for the September 30 sale and (b) the inventory on September 30.