PSC 8 - Name Date Problem Set Chapter 8(5 POINTS EACH Accounting 2303 Page 1 1 FIFO and LIFO inventory methods During June the following changes in

# PSC 8 - Name Date Problem Set Chapter 8(5 POINTS EACH...

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Name: __________________________ Date: _____________ Problem Set – Chapter 8 (5 POINTS EACH) Accounting 2303 Page 1
1.FIFO and LIFO inventory methods.During June, the following changes in inventory item 27 took place:June 1 Balance1,400 units @ \$2414Purchased800 units @ \$3624Purchased700 units @ \$308Sold400 units @ \$5010Sold1,000 units @ \$4029Sold500 units @ \$44Perpetual inventories are maintained.Instructions
2. (Show calculations.)FIFO and LIFO periodic inventory methods.The Pine Shop shows the following data related to an item of inventory:Inventory, January 1100 units @ \$5.00Purchase, January 9300 units @ \$5.40Purchase, January 1970 units @ \$6.00Inventory, January 31120 unitsInstructions(a)What value should be assigned to the ending inventory using FIFO? (Show calculations.)(b)What value should be assigned to cost of goods sold using LIFO?
3.Dollar-value LIFO method.Part A. Gant Company has a beginning inventory in year one of \$300,000 and an ending inventory of \$363,000. The price level has increased from 100 at the beginning of the year to 110 at the end of year one. Calculate the ending inventory under the dollar-value