Canadian Tire sells soccer balls and uses a perpetual inventory system. Canadian Tires inventory records show that at March 1, there were 50 units on hand at a cost of $15 each. Transactions related to purchase and sale of soccer balls in March were as follows: Per unit Cost 17 $14 Date Mar 2 Transaction Purchase Sale Units Sales price Mar 5 60 $20 Mar 15 Purchase 80 $12 Mar 30 Sale 50 $20 Instructions a. For each of the following cost formulas, calculate the ending inventory as at March 31 and the cost of goods sold for the month of March. i. FIFO ii. Average b. Assume that Canadian Tire is motivated to report the highest profit possible. Which method will they prefer?

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units @ $29 $609 June 16 Purchase 29 units @ $32 928 Nov. 28 Purchase 46 units @ $35 1,610     96 units   $3,147   There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a.  Determine the inventory cost by the FIFO method.$ b.  Determine the inventory cost by the LIFO method.$ c.  Determine the inventory cost by the average cost methods.

Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: January 28: Sales: 40 units @ $51 40 units @ $52 January 12: January 22: January 31: 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses LIFO and a periodic inventory system. Ending inventory Cost of goods sold

Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, the company made two purchases: 300 units at $68 each and 150 units at $70 each. Chess Top also sold 500 units during the month. Using the LIFO method, what is the amount of cost of goods sold for the month? $

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…

Novak Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents purchased in February at a cost of $213 each and 98 tents purchased in March at a cost of $221 each. During April, the company had the following purchases and sales of tents: Date Apr. 3 (a) 10 17 24 30 (b) Your Answer Units Unit Cost Purchases 204 290 Cost of goods sold Gross profit Ending inventory $ $ Correct Answer (Used) Your answer is incorrect. Gross profit margin Save for Later $276 Determine the cost of goods sold and the cost of the ending inventory using FIFO. 287 19 $ eTextbook and Media Units 78 244 202 Sales Unit Price $393 Calculate Novak Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimal place, e.g. 1.2% and gross profit to O decimal places, e.g. 5,275.) 137,902 393 34,153 393 96 Attempts: 2 of 3 used Submit Answer

Red Company has beginning inventory of 22 units at a cost of $12.00 each on May 1. On May 5, it purchases 9 units at $14.00 per unit. On May 12 it purchases 25 units at $15.00 per unit. On May 15, it sells 39 units for $32 each. Using the FIFO perpetual inventory method, what is the value of the inventory on May 15 after the sale?

Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX = 0):            Action Date Amount Cost             Purchase 1/15/XX 150 Widgets $10 per Widget   Purchase 2/15/XX 250 Widgets $11 per Widget   Purchase 3/15/XX 600 Widgets $12 per Widget   Total   1,000 Widgets               Sell 3/20/XX 400 Widgets $20 per Widget   Sell 3/25/XX 300 Widgets $20 per Widget       700 Widgets       FIFO Inventory = LIFO Inventory = FIFO Gross Profit = LIFO Gross Profit =

Carla Vista Lighting had a beginning inventory of 29 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. August 5 34 units at $8 August 11 44 units at $9 August 23 39 units at $10 Purchases 1. 2. Ending inventory Cost of goods sold $ Sales Carla Vista uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO. $ August 2 August 10 August 19 August 21 24 units FIFO 29 units 59 units 29 units $ LIFO