for each of the following cost flow assumptions, calculate cost of goods sold,ending inventory and gross profit 1 lifo 2 fifo moving average costQuestion 6 of 7Sheffield Inc. is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system. All sales returns fromcustomers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credittransactions; all amounts are settled in cash. You are provided with the following information for Sheffield Inc. for the month ofJanuary 2022.DateJanuary 1 Beginning inventoryJanuary 5PurchaseJanuary 8January 10January 15January 16January 20January 25(a1)January 1- Your answer is partially correct.January 5January 8January 10January 15Question 6 of 7yaJanuary 15January 16January 20January 25eTextbookSave for Later(a2)Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-average cost per unit answers to 3decimal places, eg. 5.251)DescriptionSaleSale returnPurchasePurchase returnSalePurchaseGross profitCost of goods soldEnding inventoryeTextbookSave for Later$$$Moving-Average Cost per unit$eTextbook and Media$<7$$$$$$eTextbook and Media$Quantity Unit Cost or Selling Price100$1922>1401131920.7520.7520.7521.68121.68121.619LIFO21.6191022.1185558724For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO(3) Moving-average cost. (Round average-cost per unit to 3 decimal places, eg. 12.502 and final answer to O decimal places, eg. 1.250)$30$30$24243626FIFO$$Assistance Used$Moving-averageAssistance Used

Methods of Valuation of Inventory 1. First In First Out (FIFO): Under FIFO method, inventory is…

Answered: Calculate the moving average cost per…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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W Using the specific identification method: Units purchased 15 Echo Show's 360 45 Echo Show's 360 60 Echo Show's 360 a. Calculate the cost of ending inventory. Date June 1 July 1 August 1 Ending inventory b. Calculate the cost of goods sold. Cost of goods sold Cost per unit $ 275 250 240
ces Date March 1 March 5 March 9 March 18 March 25 March 29 Problem 6-1A (Algo) Part 3 Perpetual FIFO Perpetual LIFO Date March 1 Complete this question by entering your answers in the tabs below. March 5 Weighted Average Compute the cost assigned to ending inventory using LIFO. Total March 5 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase. March 9 Total March 9 March 18 Total March 18 Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Goods Purchased # of units 80 units @ $60.80 per unit 140 units @ $62.80 per unit Specific Id 530 units Cost per # of units unit sold Perpetual LIFO: Cost of Goods Sold Cost per…
find cost of goods sold ending inventory and gross margin using FIFO and weighted average Kindly answer in text with all workings
January 1 January 12 January 24 January 28 Balance: 30 units @ 40 units @ 3 units @ 50 units @ $35 per unit $36 per unit $36 per unit $50 per unit Purchases: Purchase Return: Sales: The company uses the last in first out (LIFO) method of accounting for inventory. All purc and sales are done on account. Record all required entries related to inventory movemer order of occurrence using the period method (NOT THE PERPETUAL). Action/Date Periodic Method Beginning 1/1 Purchase 1/12 Return 1/24 Sales 1/28 Adjustment 1/31
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Cost Flow Methods The following three identical units of Item JC07 are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $182 Purchase 1 183 Purchase 1 184 3 $549 $183 ($5493 units) Assume that A method of inventory costing in which the cost of the units sold and in ending Inventory is a weighted average of the purchase costs. (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ $ $
Concept Videos i es Required information UNIT 30s $45 May 1 April 5 April 10 April 15 April 201 April 22 # Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs: 3 $ 10 $ 12 0:00-0:54 $14 $16 - $17 Cost of the ending inventory $ One unit is sold on April 25. The company uses the weighted average inventory costing method. Identify the cost of the ending inventory on the balance sheet. Note: Round your answer to 2 decimal places. 4 % 5 H 6 In
Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 23 107 2,461 Totals 135 $14,229 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) The ending inventory at September 30 $ FIFO $ LIFO $ AVERAGE COST (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold EA FIFO +A $ LIFO AVERAGE-COST $
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Receipts and issues of a raw material for a period were: Date Details Units Cost per unit Cumulative Total May 1 Balance 240 $3.70 $888 May 5 Receipt 440 $3.60 $1584 May 15 Issue 240 May 31 Issue 300 Using the FIFO inventory pricing method, what is the value of closing inventory on May 31? Show solution

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