During a period, The Yarn Barn purchased 3 boxes of silk ribbon for $350, $500, and $425, and sold 2 boxes for a total of $1,000. The company determined that gross profit for the period was $225, using the specific identification method of costing inventory. What is the value of their ending inventory? Select answer from the options below 5350 5775 $425 5500
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- Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos December 31 ending inventory records are as follows: Year 1: Current cost, 20,000; Index, 100 Year 2: Current cost, 33,600; Index, 120 Using the dollar-value LIFO method, compute Dorsos December 31 ending inventory for Year 2.Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
- Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year. Required: 1. Compute the cost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3. 2. Compute the cost of ending inventory and cost of goods sold using the FIFO inventory costing method. 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 5. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all four methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
- Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Websters beginning inventory consisted of the following: During 2019, Webster had the following purchases and sales: Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to 4 decimal places. 2. Compute the LIFO cost of the ending inventory assuming Webster uses three inventory pools. Round cost indexes to 4 decimal places.Glasgow Enterprises started the period with 80 units in beginning Inventory that cost $2.70 each. During the period, the company purchased Inventory Items as follows. Glasgow sold 270 units after purchase 3 for $10.90 each. Purchase 1 2 3 If the company uses the FIFO cost flow method, Glasgow's cost of goods sold would be: Multiple Choice O O Number of Items 250 110 60 O ● $824. $729 $999. Cost $3.20 3.30 3.70 $915.Glasgow Enterprises started the period with 80 units in beginning inventory that cost $1.90 each. During the period, the company purchased inventory items as follows. Glasgow sold 265 units after purchase 3 for $10.20 each. Purchase 1 2 3 Number of Items 400 100 60 If the company uses the LIFO cost flow method, Glasgow's ending inventory would be: Multiple Choice O $1,088. $938. $860. Cost $2.40 $2.50 $2.90 $713.
- Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit. Purchase 1 was 200 units at $7 per unit. Purchase 2 was 100 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Note: Enter all values as a positive value. Periodic FIFO Beginning Inventory Purchases: Purchase 1 Purchase 2 Total Required A Periodic LIFO Cost of Goods Available for Sale Complete this question by entering your answers in the tabs below. Required B Beginning Inventory Purchases: Purchase 1 Purchase 2 Number Cost per of units unit Total Cost of Goods Available for…Garrison Company uses the retail method of inventory costing. It started the year with an inventory that had a retail sales value of $36,200.During the year, Garrison purchased inventory with a retail sales value of $771,100. After performing a physical inventory, Garrison computed the inventory at retail to be $54,700. The markup is 100% of cost.What is the ending inventory at its estimated cost? A. $27,350 B. $136,750 C.$82,050Anton Company uses the perpetual inventory system and FIFO cost flow method. During the year, Anton purchased 400 units of inventory that cost $12.00 each and then purchased an additional 600 units of inventory that cost $16.00 each. If Anton sells 700 units of inventory, what is the amount of cost of goods sold? Multiple Choice O OOO $8,400 $11,200 $9,600 $10,400