A company had the following purchases during its first year of operations: January May September October Purchases 6 units at $ 12 25 units at $ 16 24 units at $ 19 Sales 7 units at $40 Assuming that the company uses the First In First Out (FIFO) as their inventory valuation method. What is the value of their ending inventory as of October?

A company's inventory records indicate the following data for the month of April: Date April 1 April 7 April 11 Beginning inventory Purchase Sale Purchase Sale Purchase Multiple Choice O $33,300. O April 16 April 22 April 29 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what would be the cost of the ending inventory? $53,680. O $40,720. Activities $35,922. $38,480. Units Acquired at Cost 700 units @ $36 = $25,200 580 units @ $40 = $23,200 500 units @ $44 = $22,000 Units Sold at Retail 480 units @ $50 = $24,000 1,000 units @ $110 400 units @ $110

Skysong Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $145,400 658,600 27,700 990,600 76,300 11,900 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $

You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39

company's inventory records report the following in November of the current year:        Beginning November 1 5 units @ $20 Purchase November 2 10 units @ $22 Purchase November 12 6 units @ $25   On November 8, it sold 12 units for $54 each. Using the LIFO perpetual inventory method, what amount of gross profit was earned from the 12 units sold?

A company using the periodic inventory system has inventory costing $137 on hand at the beginning of a period. During the period, merchandise costing $473. At year-end, inventory costing $346 is on hand. The cost of good for the year is?

Haynes Company uses the perpetual inventory system. The following information is available for the month the March. March 1 Beginning Inventory 10 units at $2 for $20, March 4 Sold 8 units, March 22 Purchased 50 units at $4 for $200, March 26 Sold 48 units. If Haynes Company uses the LIFO inventory costing method, what is the balance in Ending Inventory at March 31?   A. $40 B. $16 C. $12 D. $8

The following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances

The following lots of Commodity Z were available for sale during the year. Beginning inventory 7 units at $47 First purchase 19 units at $55 Second purchase 51 units at $55 Third purchase 18 units at $59 The firm uses the periodic system, and there are 24 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? a.$5,241 b.$1,264 c.$1,392 d.$1,128

During the year, TRC Corporation has the following inventory transactions.   Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 45 $37 $1,665 April 7 Purchase 125 39 4,875 July 16 Purchase 195 42 8,190 October 6 Purchase 105 43 4,515     470   $19,245 For the entire year, the company sells 414 units of inventory for $55 each.  Required:1-a & b. Using FIFO, calculate ending inventory and cost of goods sold.1-c & d. Using FIFO, calculate sales revenue and gross profit.2-a & b. Using LIFO, calculate ending inventory and cost of goods sold.2-c & d. Using LIFO, calculate sales revenue and gross profit.3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold.3-c & d. Using weighted-average cost, calculate sales revenue and gross profit.4. Determine which method will result in higher profitability when inventory costs are rising.