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Problem #2 - MERCHANDISE INVENTORY VALUATION (31 points) Assume the Examine Company has the following inventory transactions. Answer questions "a" through "f" using the following information: Beg. Inventory 70 units @ $ 11.00 5/03 Sold 40 units @ $24.40 5/08 Purchase 90 units @ $ 14.00 5/10 Sold 55 units @ $ 25.80 5/15 Sold 38 units @ $26.50 5/22 Purchase 60 units @ $ 12.00 5/28 Sold 24 units @ $ 24.25 a) Goods Available for Sale Units for $ b) Number of Units in Ending Inventory Units C) Use the PERIODIC AVERAGE COST METHOD to calculate: ENDING INVENTORY COST OF GOODS SOLD d) Use the PERIODIC FIRST-IN, FIRST-OUT (FIFO) COST METHOD to calculate ENDING INVENTORY COST OF GOODS SOLD 7%202%20-%20inventory%20Valuation%20Problem.pdf e) Use the PERIODIC LAST-IN, FIRST-OUT (LIFO) COST METHOD to calculate: ENDING INVENTORY COST OF GOODS SOLD f) Determine the value of the ENDING INVENTORY and the COST OF MERCHANDISE SOLD using the PERPETUAL FIRST-IN, FIRST-OUT (FIFO) COST METHOD Date Purchases Cost of Merch. Sold Inventory Balance O Hale What is the value of the ENDING INVENTORY? What is the value of the COST OF GOODS SOLD? g) Determine the value of the ENDING INVENTORY and the COST OF MERCHANDISE SOLD using the PERPETUAL LAST-IN, FIRST-OUT (LIFO) COST METHOD Date Purchases Cost of Merch. Sold Inventory Balance What is the value of the ENDING INVENTORY? What is the value of the COST OF GOODS SOLD? O At S VIVOBOOK

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