Number Per Unit $ 75.00 Date Transaction of Units Total Jan. 1 Inventory 7,500 $ 562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25.500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000

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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 15 units 17 Purchase 25 units @ $18 30 Sale 16 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units e $94 Mar. 10 Purchase 70 units e $102 Aug. 30 Purchase 30 units e $106 Dec. 12 Purchase 60 units e $110 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the Inventory cost and the cost of merchandise sold by three methods. Round Interim calculations to one decimal and final answers to the nearest whole dollam Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) S b. Last-in, first-out (LIFO) c. Weighted average cost

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $102 Mar. 10 Purchase 60 units @ $114 Aug. 30 Purchase 20 units @ $122 Dec. 12 Purchase 70 units @ $128 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.     Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 Weighted average cost fill in the blank 5

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Periodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 $ Cost of goods sold $ 2,850,000 X 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 $ Cost of goods sold $ 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 150.00…