Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning inventory 120     $1,200   Purchased Mar. 31 180     2,160   Purchased Oct. 15 150     2,250   Total goods available for sale 450     5,610   Ending inventory 50     ?   Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $27 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.   Gross Margin A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3

FLCL Company had the following transactions for the month:   Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average

Scrappers Supplies tracks the number of units purchased and sold throughout each accounting perlod but applies Its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($48 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($48 each) 170 $ 32 330 34 (410) 220 38 (80) Required: 1-a. Calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the LIFO cost method perpetually at the time of each sale. TIP: The sale of 410 units on April 1 is assumed, under LIFO, to consist of the 330 units purchased March 2 and 80 units from beginning inventory. 1-b. Does the use of a perpetual inventory system result in a higher or lower Cost of Goods…

Park Company’s perpetual inventory records indicate the following transactions in the month of June:                                                                  1. Compute the cost of goods sold for June and the inventory at the end of June using each of the following cost flow assumptions:                              a. FIFO                                                                                                              b. LIFO                                                                                                              c. Average cost (Round unit costs to 3 decimal places and other amounts to the nearest dollar.)                                                                                         2. Next Level Why are the cost of goods sold and ending inventory amounts different for each of the three methods？what do these amounts tell us about the purchase price of inventory during the year?                      3. Next Level Which method produces…

DeForest Company had the following transactions for the month. Sales for the month are $85 per unit. Number of Units Cost per Unit Total Beginning inventory Purchased Apr. 30 Purchased Aug. 15 500 $40 $20,000 27,000 26,000 24,500 97,500 600 45 650 40 Purchased Dec. 10 700 35 Totals (goods available) Ending inventory 2,450 550 In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$" (i.e. $12,345.67).

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 310 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 140 470 240 Unit Cost $ 85 95 115 Total Cost $ 11,900 44,650 27,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.

In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows (see attached). 1.Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to cents and totals to dollar.) 2.Explain the differences in gross margin produced by the three methods.

The following data are available for Sellco for the fiscal year ended on January 31, 2020:              Sales 830 units       Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5   450 units @ $ 7   250 units @ $ 7   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 $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)

Akira Company had the following transactions for the month.   Numberof Units Costper Unit Beginning Inventory 150     $10     Purchased Mar. 31 170     15     Purchased Oct. 15 150     18     Ending Inventory 50     ?     Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount.   Ending Inventory A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3

DeForest Company had the following transactions for the month. Sales for the month are $85 per unit.  In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating.  PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$" (i.e. $12,345.67). Weighted average cost per unit =  per unit. Cost Allocation Method Cost of Goods Available Cost of Goods Sold Ending Inventory Sales Gross Margin First-in, First-out (FIFO)           Last-in, First-out (LIFO)           Weighted Average (AVG)