(A) Using the FIFO assumption, calculate the amount charged to cost of goods sold, the value of the ending inventory and the gross profit for May. Show all computations.  (B) Using the weighted-average method, calculate the amount assigned to the inventory on hand on May 31, and the gross profit for May. Show all computations.

The following are the transactions for the month of July.       Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55     $ 10         July 13 Purchase 275       11         July 25 Sold (100 )         $ 14   July 31 Ending Inventory 230                   Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?

why both the "beginning inventory" and "ending inventory" figures both appear on the Income Statement of the worksheet for the Periodic Inventory Method.

Identify which of the following statement is correct for perpetual inventory system? Under the perpetual Inventory system, on the purchase of Inventory purchase account is debited. When valuing ending Inventory under a perpetual Inventory system, oldest units purchased during the period using FIFO are allocated to the cost of goods sold when units are sold. When valuing ending Inventory under a perpetual Inventory system, weighted average cost method requires that a new weighted average unit cost be calculated after every sale. 09/03/2024 15:01 When valuing ending Inventory under a perpetual inventory system, valuation using weighted average is the same as the valuation using weighted average under the periodic Inventory system.

Using the weighted mean method, determine the valuation of ending inventory on December. Assume 35 FitBits in inventory at the end of the year. (Round to the nearest whole dollar.) b. What was the Cost of Goods Sold (COGS)?

The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow assumption. To illustrate, beginning inventory, purchases and sales of shoes are shown below for Grant Co., using a perpetual inventory system. 1. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in inventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first.   2. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the LIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise…

How do you calculate the total amount to be assigned to the ending inventory and cost of goods sold December 31 under each of the following methods?

The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 Second purchase on May 17 Third purchase on May 23 1,200 units @ $4.00 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units@ $4.40 Sale on May 31 3,900 units @ $5.90 What is the amount of gross margin assuming the weighted average cost flow method is used? (Round your intermediate calculations to 2 dec Multiple Choice $10.920 $17160 $6,513 O $5.850

[The following information applies to the questions displayed below.]  A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.   Inventory Quantity Unit Cost Unit NRV Furniture 170 $ 82   $ 97   Electronics 47   370     285       Record the adjustment for inventory. Note: Enter debits before credits.         Transaction General Journal Debit Credit 1 Cost of Goods Sold       Inventory