A company began 2024 with 16,000 units of inventory on hand. The cost of each unit was $6.00. During 2024, an additional 36,000 units were purchased at a single unit cost, and 26,000 units remained on hand at the end of 2024 (26,000 units therefore were sold during 2024). The company uses a periodic inventory system. Cost of goods sold for 2024, applying the average cost method, is $179,400. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. 1. Determine the cost of goods sold for 2024 using the LIFO method.

In 2021, the BowWow Company purchased 17,970 units from its supplier at a cost of $10.00 per unit. BowWow sold 16,230 units of its product in 2021 at a price of $20.00 per unit. BowWow began 2021 with $995,910 in inventory (inventory is carried at a cost of $10.00 per unit). Using this information, compute BowWow's gross profit for 2021. Record your answer rounded to the nearest dollar. Do not include a dollar sign or commas in your answer. For example, record $1,234,567.89 as 1234568. Your Answer:

Mist Company uses a PERIODIC inventory system. Mist had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (purchased in 2020)   Purchases:   60 units @ $20 per unit   Purchase 1 on 3/8/21   140 units @ $28 per unit Purchase 2 on 8/5/21   50 units @ $32 per unit       Sales:     Sale 1 on 5/8/21   80 units @ $90 per unit Sale 2 on 9/13/21   125 units @ $90 per unit              Of the items sold on 5/8/2021, 60 units were from the beginning inventory and 20 units were from 3/8/21 purchase. The 9/13/21 sale included 85 units from the 3/8/21 purchase and 40 units from the 8/5/21 purchase.    Show how Mist's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions.  Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per…

During 2024, a company sells 20 units of Inventory. The company has the following inventory purchase transactions for 2024: Total Cost $969 826 $1,795 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses LIFO. Date January 1 September 8 Ending inventory Cost of goods sold Number of Transaction Beginning inventory Purchase Units Unit Cost 17 $57 59

During 2021, a company sells 356 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021: Number of Units 61 Unit Cost Total Cost $61 63 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase $ 3,721 10,269 12,078 $26,068 163 183 66 407 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold

In 2018, Mona Inc. started operations with an inventory costing P20,000. For the 2nd quarter of 2018, the purchase and sales were as follows:                     April            May          June              TotalPurchases P5,000   P38,000    P70,400     P113,400Sales         24,000      51,000      75,500        150,500 The goods are sold at a gross profit of 20% of sales. For interim statement purposes, the inventory at the end of April, May and June, respectively are

1. At the beginning of September 2020, Bonita company reported inventory of 8200. During the month, the company purchases of 35900. At September 30 2020, a physical count of inventory reported 8600 on hand. Cost of goods solids for the month is ?