At the beginning of 2021, Calston Incorporated reports inventory of $9,000. During 2021, the company purchases additional inventory for $25,000. At the end of 2021, the cost of inventory remaining is $8,000.   Calculate cost of goods sold for 2021. $

Volata Company began operations on January 1, 2019. In the second quarter of 2020, it adopted the FIFO method of inventory valuation. In the past, it used the LIFO method. The company’s interim income statements as originally reported under the LIFO method follow:     2019   2020   1stQ   2ndQ   3rdQ   4thQ   1stQ Sales $ 21,000     $ 23,000     $ 25,000     $ 27,000     $ 29,000   Cost of goods sold (LIFO)   5,100       6,100       6,900       8,100       9,600   Operating expenses   3,100       3,300       3,700       4,100       4,300   Income before income taxes $ 12,800     $ 13,600     $ 14,400     $ 14,800     $ 15,100   Income taxes (25%)   3,200       3,400       3,600       3,700       3,775   Net income $ 9,600     $ 10,200     $ 10,800     $ 11,100     $ 11,325       If the FIFO method had been used since the company began operations, cost of goods sold in each of the previous quarters would have been as follows:     2019   2020   1stQ   2ndQ…

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:   Aug.1 Inventory on hand—2,200 units; cost $6.30 each. 8 Purchased 11,000 units for $5.70 each. 14 Sold 8,800 units for $12.20 each. 18 Purchased 6,600 units for $5.20 each. 25 Sold 7,800 units for $11.20 each. 28 Purchased 4,200 units for $5.80 each. 31 Inventory on hand—7,400 units.       2. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.)

Causwell Company began 2021 with 10,000 units of inventory on hand. The cost of each unit was $5.00. During 2021 an additional 30,000 units were purchased at a single unit cost, and 20,000 units remained on hand at the end of 2021 (20,000 units therefore were sold during 2021). Causwell uses a periodic inventory system. Cost of goods sold for 2021, applying the average cost method, is $115,000. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. 2. Determine the cost of goods sold for 2021 using the LIFO method. (Do not round intermediate calculations.)

The Reuschel Company began 2021 with inventory of 11,000 units at a cost of $6 per unit. During 2021, 51,000 units were purchased for $7.60 each. Sales for the year totaled 55,500 units leaving 6,500 units on hand at the end of 2021. Reuschel uses a periodic inventory system and the LIFO inventory cost method. Required:1. Calculate cost of goods sold for 2021.2. Calculate the effect of the use of LIFO on Income.

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,300 units; cost $7.40 each. 8 Purchased 16,500 units for $6.80 each. 14 Sold 13,200 units for $13.30 each. 18 Purchased 9,900 units for $6.20 each. 25 Sold 12,200 units for $12.30 each. 28 Purchased 5,300 units for $5.80 each. 31 Inventory on hand-9,600 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using last-in, first-out (LIFO). Perpetual LIFO: Beg. Inventory Purchases: August 8 August 18 August 28 Total Cost of Goods Available for Sale Cost per unit 3,300 $7.40 $ # of units 16,500 6.80 9,900 6.20 5.8 5,300 35,000 Cost of Goods Available for Sale $ 24,420 112,200 61,380 30,740 228,740 Cost of Goods Sold - August 14 # of units sold 0 Cost per unit Cost…

Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:    Aug.1 Inventory on hand—2,500 units; cost $6.60 each. 8 Purchased 12,500 units for $6.00 each. 14 Sold 10,000 units for $12.50 each. 18 Purchased 7,500 units for $5.20 each. 25 Sold 9,000 units for $11.50 each. 28 Purchased 4,500 units for $5.80 each. 31 Inventory on hand—8,000 units.     Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using last-in, first-out (LIFO).

On December 31, 2018, Inventory for Company X was $30,000. On December 31, 2019 the Inventory amount was $15,000. During 2019, the change in Inventory represented:   A $15,000 Operating Outflow.   A $15,000 Operating Inflow.   A $45,000 Operating Inflow.   A $45,000 Operating Outflow.

Linden Watch Company reported the following income statement data for a 2-year period                                              2019                 2020 Sales                                     $280,000            $320,000 Cost of goods sold Beginning inventory              32,000                 44,000 Cost of goods purchased      193,000               225,000 Cost of goods available for sale 225,000           269,000 Ending inventory                      44,000                  52,000      Cost of goods sold              181,000            217,000 Gross profit                           $ 99,000             $103,000 Linden uses a periodic inventory system. The inventories on January 1, 2019, and December 31, 2020, are correct. However, the ending inventory on December 31, 2019, was overstated by $5,000.

During 2021, a company sells 280 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021:  Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory   68   $ 68     $ 4,624     May 5 Purchase   166     69       11,454     Nov. 3 Purchase   190     71       13,490             424           $ 29,568       Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.   Ending inventory: __________ Cost of goods sold: ___________