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ending inventory of Model III calculators

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29. Miller Inc. is a wholesaler of office supplies. The activity for Model III calculators during August is shown below:

Balance/
Date Transaction Units Cost
August 1 Inventory 2,000 $36.00
7 Purchase 3,000 37.20
12 Sales 3,600
21 Purchase 4,800 38.00
22 Sales 3,800
29 Purchase 1,600 38.60

If Miller Inc. uses a perpetual inventory system, calculate the ending inventory of Model III calculators at August 31 assuming A) the LIFO method and B) the FIFO method.

Stephens Inc. is a wholesaler of photography equipment. The activity for the VTC cameras during July is shown below:

Balance/
Date Transaction Units Cost
July 1 Inventory 2,000 $36.00
7 Purchase 3,000 37.00
12 Sales 3,600
21 Purchase 5,000 37.88
22 Sales 3,800
29 Purchase 1,600 38.11

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Solution Summary

This solution contains step-by-step calculations to determine the ending inventory of Model III calculators using a perpetual inventory system and a periodic inventory system.

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