PE 7-4B Periodic inventory using FIFO, LIFO, average cost methods
The units of an item available for sale during the year were as follows:
| Jan. | 1 | Inventory | 10 units at $120 | $ 1,200 |
| Apr. | 13 | Purchase | 130 units at $114 | 14,820 |
| Sept. | 30 | Purchase | 20 units at $119 | 2,380 |
| Available for sale | 160 units | $18,400 | ||
There are 23 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the average cost method.
PE 7-5A Lower-of-cost-or-market method
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit 8.
| Inventory | Unit | Unit | |
| Item | Quantity | Cost Price | Market Price |
| IA17 | 200 | $40 | $38 |
| TX24 | 150 | 55 | 60 |
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