Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory Purchased Mar. 31 Purchased Oct. 15 Total goods available for sale Ending inventory 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 $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. 130 180 A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) 150 460 70 $1,300 2,160 2,250 5,710 Gross Margin ?

ojo Industries tracks the number of units purchased and sold throughout each accounting period 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 accounting period, January 31. The inventory’s selling price is $12 per unit.    Transactions Unit Cost Units Total Cost Inventory, January 1 $ 4.00     190   $ 760   Sale, January 10         (170 )       Purchase, January 12   4.50     240     1,080   Sale, January 17         (110 )       Purchase, January 26   5.50     70     385       Assume that for Specific identification method the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase.   Required: Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: (Round your intermediate…

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…