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5. Beginning inventory purchase and sale for item ER27 as follows: Nov 1 Inventory 40...

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Accounting

5. Beginning inventory purchase and sale for item ER27 as follows:

Nov 1 Inventory 40 @ $5

5 Sales 32 units

11 Purchase 60 units @ $7

21 Sales 45 units

Assuming a perpetual inventory system and using First-In, First-Out (FIFO) method, determine:

a. The cost of merchandize sold on November 30th and

b. The inventory on November 30th.

6. Periodic Inventory:

Jan 1 Inventory 100 units @ $20

10 Purchase 80 units @ $21

30 Purchase 100 units @ $22

The physical count on January 31 shows that 150 units are on hand. Using FIFO, LIFO, and Average method compute the closing inventory.

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