ance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide ne following information: Cost Retail Merchandise inventory, January 1, 2021 Net purchases Net markups Net markdowns $245,000 $350,000 615,000 18,000 13,000 460,000 458,800 Net sales Related retail price indexes are as follows: January 1, 2021 December 31, 2021 1.00 1.20 Required: Determine ending inventory and cost of goods sold using the information provided. Ending inventory at retail 161,300 X 97,782 X Ending inventory at cost Cost of goods sold $ $ 194,898 X

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory   Purchases   Sales   May 1 2,600 units at $32 May 10 1,300 units at $34 May 12 1,820 units            20 1,170 units at $36        14 1,560 units                31 780 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.

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Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Date Units and Cost Dec. 1 120 units at $20 Purchases Date Units and Cost Dec. 10 60 units at $22 20 54 units at $24 Sales Date Units Dec. 12 84 units 14 72 units 31 36 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. FIFO MethodPrepaid Cell Phones Date PurchasesQuantity PurchasesUnit Cost PurchasesTotal Cost Cost ofGoods SoldQuantity Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity…

Please answer the question correctly. Merchandising topic. Thank you

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory   Purchases   Sales   May 1 4,200 units at $40 May 10 2,100 units at $42 May 12 2,940 units     May 20 1,890 units at $44 May 14 2,520 units         May 31 1,260 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Schedule of Cost of Merchandise Sold FIFO Method Prepaid Cell Phones Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Cost of Merchandise Sold Quantity Cost of Merchandise Sold Unit Cost Cost of…

Define Selling profit.

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales May 12 May 1 May 10 20 14 31 2,000 units at $27 1,000 units at $29 900 units at $31 1,400 units 1,200 units. 600 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

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