3 150 10/20 Purchase        250 5 1,250 Available for sale 700 units   $2,800   Sales for the year were 550 units for $5,000 in total.   Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate

he following data are available for Sellco for the fiscal year ended on January 31, 2020:              Sales 1,600 units       Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5   800 units @ $ 6   500 units @ $ 8   Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)

Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2 Purchase 1 $145 14 Purchase 1 149 28 Purchase 153 Total 3 $447 Average cost per unit $149 ($4473 units) Assume that one unit is sold on April 30 for $215. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost X

The following information is available for C Corp. for the month of March: Units Unit costs Selling price Beginning inventory 260 $6 Purchase 530 $6 Purchase 790 $7 Sold 1320 $11 signed in as nikulbhaim3 Assume that the corporation uses the average cost method. Determine the amount of gross profit for the month of March. $2,860 $1,690 $4,250 $5,940

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The following three identical units of Item PX2T are purchased during April:   Item Beta   Units   Cost   April 2 Purchase   1   $244   April 15 Purchase   1   247   April 20 Purchase   1   250   Total     3   $741   Average cost per unit         $247 ($741 ÷ 3 units) Assume that one unit is sold on April 27 for $336. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method.

Use the following purchase and sales log to answer the questions tha tfollow. Units Returned Discount Freight per unit Price per unit Beg. Inv. Transaction 20 units @ $5 $5 per unit 1/5 Purchase 70 5 2% $0.05 $6.91 units @ $7 per unit 1/10 Purchase 100 7 3% $0.05 $7.81 units @ $8 per unit 1/12 Sold 150 units for $18 per unit 1/19 $0.05 $9.05 Purchase 50 3 units @ $9 per unit 1/25 Sold 50 units @ $19 per unit Assume the company counted 22 units in its inventory at the end of the month. Calcualte LIFO COGS at 1/12.