A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $46.30, 25 pairs at $41.30, and 20 pairs at $51.30. An inventory taken last week indicates that 36 pairs are still in stock. Calculate the cost of Ending inventory by FIFO.

Ayayai Ltd. distributes suitcases to retail stores. At the end of June, Ayayai's inventory consisted of 70 suitcases purchased at $50 each. Ayayai uses a perpetual inventory system. Ayayai has experienced a 5% return rate historically. During the month of July, the following merchandising transactions occurred: July 2Purchased 75 suitcases on account for $70 each from Sandhill Ltd., terms 2/10, n/30. 3Received a $280 credit from Sandhill after returning four suitcases because they were damaged. 6Sold 60 suitcases on account to Satchel World Inc. for $90 each, with an individual cost of $50, terms n/45. 7Issued a $270 credit for three suitcases returned by Satchel World because they were the wrong model. The suitcases were returned to inventory. 9Sold three suitcases-the right model number this time-on account to Satchel World Inc. for $100 each, with an individual cost of $70, terms n/30 11Paid Sandhill the balance owing 13Sold 30 suitcases on account to The Going Concern Limited for…

Enrail Ski Company’s inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. (I have the answers for #1 and #2, but I need the calculations for #3.Please show ALL work.) Required: 1. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January Year 1? Why? Which method will result in the highest ending inventory balance? Why? 2. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. 3. Now assume that inventory costs were declining during January. The inventory purchased on January 15 had a unit cost of $74, and the inventory purchased on January 21 had a unit cost of $68. All other information is the same. Repeat requirements 1 and 2 Beginning inventory, January 1, year 1 840 units @ $85 each Purchases: January 15 1,000 units @ $94 each January 21 2,350 units @ $106 each Sales: January 5 575 units @ $110 each January 22 1,250 units…

A Swoosh Sports outlet store began December 2021 with 47 pairs of running shoes that cost the store $34 each. The sale price of these shoes was $63. During December, the store completed these inventory transactions: (Click the icon to view the inventory transactions.) Read the requirements. Requirement 1. The preceding data are taken from the store's perpetual inventory records. Which cost method does the store use? Explain how you arrived at your answer. Swoosh Sports uses FIFO This is apparent from the flow of costs out of inventory. For example, the December 13 sale shows unit cost of $34, which came from the beginning inventory FIFO, and only FIFO, works. Requirement 2. Determine the store's cost of goods sold for December. Also compute gross The cost of goods sold is $ 3,110 The gross profit for December is $ 2,539 Requirement 3. What is the cost of the store's December 31 inventory of running shoes? The cost of the company's inventory at December 31 is 2106 Data table Dec 2 Dec 9…

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A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $44.00 on October 1, 25 pairs at $39.00 on October 8, and 20 pairs at $49.00 on October 15. An inventory taken last week indicates that 32 pairs are still in stock. Calculate the cost of this inventory by FIFO.

Poole Company purchased two identical inventory items. One of the items, purchased in January, cost $40. The other, purchased in February, cost $52. One of the items was sold in March at a selling price of $140. Poole uses LIFO. Which of the following statements is true? Multiple Choice The balance in ending inventory would be $52. The amount of ending inventory would be $46. The amount of cost of goods sold would be $40. The amount of gross margin would be $88.