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Option #1: Inventory Entries Practice Exercises

Below is a record of the purchases and sales of inventory throughout the first four months:

 Units Cost/Price Per Unit 1/1/x7 Beginning Balance 100 $3.50 1/31/x7 Purchase 125$4.00 2/15/x7 Purchase 250 $4.50 2/25/x7 Sale 150$7.75 3/10/x7 Purchase 300 $5.00 3/31/x7 Purchase 75$5.50 4/10/x7 Sale 225 $8.25 4/15/x7 Purchase 100$6.00 4/30/x7 Sale 350 $8.50 Requirements: 1. How many units were available for sale throughout the year? 2. What was the total value of all goods available for sale throughout the year? 3. How many physical units were sold? 4. How many physical units are in ending inventory? 5. What is the total sales value for all three sales?  Units Price Per Unit Total 2/25/x7 Sale 4/10/x7 Sale 4/30/x7 Sale Total Each assignment must include a title page and reference page. Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment. Note: The download the template required for this assignment is located in the Module 4 folder. Option #2: LIFO Perpetual vs. LIFO Periodic Below is a record of the purchases and sales of inventory throughout the first four months.  Units Cost/Price Per Unit 1/1/x7 Beginning Balance 100$3.50 1/31/x7 Purchase 125 $4.00 2/15/x7 Purchase 250$4.50 2/25/x7 Sale 150 $7.75 3/10/x7 Purchase 300$5.00 3/31/x7 Purchase 75 $5.50 4/10/x7 Sale 225$8.25 4/15/x7 Purchase 100 $6.00 4/30/x7 Sale 350$8.50

Requirement

1. Calculate the cost of goods sold under the LIFO Perpetual Method for each of the below sales.
 Units Cost Per Unit Total 2/25/x7 Sale Show Detail Show Detail 4/10/x7 Sale Show Detail Show Detail 4/30/x7 Sale Show Detail Show Detail Total
1. Calculate the cost of goods sold under the LIFO Periodic Method for each of the below sales.
 Units Cost Per Unit Total 2/25/x7 Sale Show Detail Show Detail 4/10/x7 Sale Show Detail Show Detail 4/30/x7 Sale Show Detail Show Detail Total
1. What is the main reason for the differences in the two methods?

Each assignment must include a title page and reference page. Review the grading rubric to understand how you will be graded on this assignment. Reach out to your instructor if you have questions about the assignment.