At the beginning of the year, Grouper Ltd. had 910 units with a cost of $5 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 Sold 730 units on account for $10 each. 9 Purchased 970 units on account for $6 per unit. 15 Sold 840 units for cash at $9 each. Prepare journal entries for these January transactions assuming that Grouper Ltd. uses FIFO under a periodic inventory system. Grouper updates records at month end. Date Account Titles and Explanation Debit Credit Jan. 3 9 15 31

[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost @ $ 14.00 = 215 units 160 units 355 units 730 units @ @ $ 13.00 = $ 11.00 = $ 3,010 2,080 3,905 $ 8,995 Units sold at Retail 165 units 190 units 355 units @ @ $23.00 $ 23.00 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. 3. Determine the cost assigned to ending inventory and…

XYZ company prepares financial statements monthly and the company uses FIFO method under a perpetual inventory system. The begining inventory for the month of december was 2500 TL (2.500 units at unit cost of 1TL). Journalize the below transactions of XYZ company for the month of December. 1. Purchased 5000 units of inventory on account, FOB destination, at a unit cost of 1.5 TL per unit 2. Sold 4500 units of inventory on account to Customer A, FOB shipping point, for 3 TL per unit. 3. XYZ granted credit to the customer A, who returned 100 units of inventory as they did not match the required specifications. The items were returned to inventory from the most recent purchase price. 4. XYZ bought 1000 units of inventory at a unit cost of 2 TL. The journal entry for item 4 involves a debit to for 2000 TL and the balance of the inventory account equals units, a total of TL. inventory 6650 4100 3100 4650 Purchases

Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, 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 a. Inventory, Beginning For the year: Units 350 Unit Cost $ 12 b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) f. Operating expenses (excluding income tax expense), $18,300 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? 800 850 350…