Purchase Solution

# calculating inventory in different ways

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Complete Questions 9-8, 9-9, 9-16 and 9-5A. All work must be shown and the answers must be aligned and formatted as indicated in the questions.

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Assume every item in inventory has its own price and when you take one off the shelf to sell ...

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Hello,
9-8
Assume every item in inventory has its own price and when you take one off the shelf to sell, you always take the last one bought (LIFO).

October 1 inventory = 30 X \$110.

October 6 inventory = (30 X \$110) + (10 X \$120).

October 11 inventory = (30 X \$110) + (10 X \$120) - (9 X \$120).

October 16 inventory = (30 X \$110) + (1 X \$120) - (1 X \$120) - (23 X \$110).

October 21 inventory = (7 X \$110) + (15 X \$130).

October 31 inventory = (7 X \$110) + (15 X \$130) - (8 X \$130).

9-9
Now in the First In First Out method, the same principal applies as above, except in reverse. You sell the first ones in before you can sell the later ones. It is like selling milk that is dated older first.

October 1 inventory = 30 X \$110.

October 6 inventory = (30 X \$110) + (10 X \$120).

October 11 inventory = (30 X \$110) + (10 X \$120) - (9 ...

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