# Question & Answer: 3. (5 points) The following show the purchase-sales of a single item of inventory On August, 20×6. Using this information as a basis, complete perpetual i…..

3. (5 points) The following show the purchase-sales of a single item of inventory On August, 20×6. Using this information as a basis, complete perpetual inventory records valuing ending inventory and cost of sales using FIFO and LIFO control. Proof the calculations using inventory available less ending inventory to find cost of sales calculation for both methods. Use the following tables to complete the inventory valuation.

 date purchased sales balance unit cost 8/01/20×6 3 \$20.00 8/07/20×6 6 9 \$25.00 8/15/20×6 4 5 8/21/20×6 3 2 8/29/20×6 10 12 \$26.00
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FIFO Proof

Beginning Inventory + Purchases = inventory available – ending inventory = CS

\$ + \$ = \$ – \$ = \$