#1
Accounting 1A
Chapter 6 – Inventories
Inventory Calculations Practice Problems 1
The company uses the perpetual inventory system.
Inventory Costing Methods – Perpetual Inventory System
Date Units Unit Cost
7/1/21 Beginning Inventory 0
7/5/21 Purchase 5,000 units at $100
7/15/21 Sale 1 500
7/20/21 Purchase 400 units at $105
7/23/21 Sale 2 1,000
7/25/21 Purchase 800 units at $110
7/30/21 Sale 3 1,200
Total Cost of Merchandise Purchased During the Month
Total Number of Units Available During the Month
Total Units Sold During the Month
Total Units in Ending Inventory at July 31
Cost of Goods Sold for the Month Under FIFO Cost of Ending Inventory under FIFO
Cost of Goods Sold for the Month Under LIFO Cost of Ending Inventory Under LIFO
#2
Accounting 1A
Chapter 6 – Inventories
Inventory Calculations Practice Problems 1
There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.
Inventory Costing Methods – Periodic Inventory System
Units Unit Cost
Beginning Inventory 0
Purchase 220 units at $50
Purchase 80 units at $48
Purchase 100 units at $47
Total Sales for the month 320
Total Cost of Merchandise Purchased During the Month
Total Number of Units Available During the Month
Total Units Sold During the Month
Total Units in Ending Inventory
Cost of Goods Sold Under FIFO Cost of Ending Inventory Under FIFO
Cost of Goods Sold Under LIFO Cost of Ending Inventory Under LIFO
Cost of Goods Sold Under Average Cost (Weighted Average) Cost of Ending Inventory Under Under Average Cost (Weighted Average)