Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 102 units @ $35 Sale 82 units 15 Purchase 113 units @ $37 27 Sale 95 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 2: and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31

The following data regarding purchases and sales of a commodity were taken from the related inventory account (perpetual inventory system is used):   May 1 Balance 25 units at $41         6 Sale 20 units         8 Purchase 20 units at $42       16 Sale 10 units       20 Purchase 20 units at $43       23 Sale 25 units       30 Purchase 15 units at $45   (a) Determine the total cost of the inventory balance at May 31, using the first-in, first-out method.  Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (b) Determine the total cost of the inventory balance at May 31, using the last-in, first-out method.  Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory.   (a) FIFO                       (b) LIFO

How do you calculate the total amount to be assigned to the ending inventory and cost of goods sold December 31 under each of the following methods?

Compute the amount of goods available for sale, ending inventory and cost of good sold at January 31 under each of the following inventory cost methods A. Weighted cost average B. First in first out C. Last in first out D. Specific  identification, assuming that the January 10 sale was from the beginning inventory, and the January 17 sale was from the January 12 purchase Thank you in advance !

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. Date June 1 June 15 June 29 Activities Beginning inventory Sale Purchase The cost of the ending inventory is: Units Acquired at Cost 15 units @ $29 = $435 8 units @ $34 = $272 Units Sold at Retail 6 units @ $59