Assume Jones Manufacturing begins January with 10 units of inventory that cost $10 each. During January, the following purchases and goods sold were: Jan 5 Purchased 8 units at $11 7 Sold 11 units 15 30 Sold 15 units Purchased 6 units at $12 Using the LIFO inventory costing method and the perpetual system, how much is Costs of Goods Sold for the sale of January 7? $111 $118 $188 $110 I DON'T KNOW YET

Concord has the following inventory information. July 1 Beginning Inventory 30 units at $15 90 units at $23 7 Purchases 22 Purchases 10 units at $20 O $2060. O $2090. O $2270. O $2173. $450 2070 200 $2720 A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20 units @ $32 $640 June 16 Purchase 30 units @ $34 1,020 Nov. 28 Purchase 41 units @ $35 1,435     91 units   $3,095 There are 11 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems. Enter the answer as a positive number. FIFO Cost of Goods Sold $fill in the blank 1 LIFO Cost of Goods Sold $fill in the blank 2 Difference fill in the blank 3

A company had the following purchases and sales during its first year of operations: Purchases Sales January: 10 units at $120 6 units February: 20 units at $125 5 units May: 15 units at $130 9 units September: 12 units at $135 8 units November: 10 units at $14013 units On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) $3,405.

Kiwi Ltd. started April with 90 units in inventory costing $16 each. Kiwi Ltd., which uses a perpetual inventory system, had the following inventory transactions in April:                 Purchases              Sales                           Units            Unit Cost Units Selling Price/Unit             4  Purchase 300                     18     12 Sale        240 $32 21 Purchase 100                     24     29 Sale        165 $35 Instructions Using the FIFO cost formula, calculate the cost of goods sold for the month ended April Show calculations in the table below. Using the average cost formula, calculate the ending inventory at April 30. Show calculations in the table on the next page. Round to two decimals for all calculations. Use the ROUNDED values in your calculations.   (a)   Perpetual Inventory Record––FIFO     PURCHASES COST OF GOODS SOLD INVENTORY ON HAND DA TE…

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 30 units @ $35 1,050 Nov. 28 Purchase 38 units @ $39 1,482 92 units $3,300 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. %24 %24 %24

1. Westor Aldor had a beginning inventory balance on July 1 of 440 units at a cost of $3.50 each. During the month, the following inventory transactions took place: Purchases Sales Date Units Cost per Unit Date Units Price Per Unit July 10 1,300 $3.10 July 2 250 $6 13 700 $3.40 11 1,000 $6 27 550 $3.75 28 400 $6.50 a) Calculate the cost of goods available for sale and the number of units of ending inventory. Please explain how to find ending inventory when not given.

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 27 units @ $34 918 Nov. 28 Purchase 44 units @ $36 1,584     96 units   $3,227 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. a.  Determine the inventory cost by the FIFO method.$fill in the blank 1 b.  Determine the inventory cost by the LIFO method.$fill in the blank 2 c.  Determine the inventory cost by the average cost methods. Round answer to two decimal places.$fill in the blank 3

The inventory records of TC show the following purchases:Month        Units        CostJanuary    15,000    190,500February    20,000    240,000March        12,500    165,00A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?a. 120,000        b. 225,000        c. 280,500        d. 285,000

Jesters company uses a periodic inventory system and reports the following for the month of June  DATE        EXPLAINATION     UNITS    UNIT COST     TOTAL COST June 1       Inventory                  120                $5                  $600 12              Purchase                  370               $6                   $2220 23              Purchase                  200                $7                  $1400 30.             Inventory.                  230   How do the average-cost values for ending inventory and cost of goods sold relate to ending inventory and cost of goods sold for FIFO and LIFO?   Explain why the average cost is not $6