Corinthian Inc., a new tile supply company, purchased three merchandise inventory items as follows: 1. first purchase $1,750 2. second purchase $1,630 3. third purchase $1,845 Using FIFO costing, calculate the gross profit for the period if the company sells two units for $4,800. O $425 O $1,845 O $1,420 O $1,325

Quick Stop Dairy had beginning inventory of Heavy Cream of 200 units at a cost of $2 each. During the month, they had the following purchases:   1st purchase:   500 units at $3 each 2nd purchase:  400 units at $4 each   Quick Stop Dairy sold 1,000 units to a customer. Using a FIFO cost flow assumption, determine the cost of goods sold for this sale as well as the balance in ending inventory

Nigam & Roy, Incorporated began operating on June 26 with no inventory on hand. It then made the purchases listed below. Nigam & Roy, Incorporated sold and delivered 52 units on June 30. Description Date June 27 June 28 June 29 Purchase Purchase Purchase Units 16 40 24 Unit Cost $ 8.80 9.80 11.80 Total Cost $ 140.80 392.00 283.20 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory at June 30. 3. Calculate the cost of ending inventory and the cost of goods sold under FIFO.

The following data applies to a particular item of merchandise: On hand at start of period $5.10 300 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the weighted-average costing method and rounding the average unit cost to the nearest whole cent, the value of the inventory on hand at the end of the period would be Oa. $2,650. Ob. $2,530. Oc. $2,730. Od. $2,750.

During the year, Wright Company sells 510 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date January 1 Transaction, Beginning inventory Units Cost Cost 50 $64 $3,200 May 5 Purchase 290 67 19,430 240 580 72 17,280 $39,910 November 3 Purchase Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Number Cost per FIFO Cost of Goods Number of units unit Available for Sale of units Cost of Goods Sold Cost per unit Cost of Goods Number Sold of units Ending Inventory Cost per unit Ending Inventory Beginning Inventory 50 $ 64 $ 3,200 $ 이 Purchases May 5 290 67 19,430 0 November 3 240 72 17.280 0 Total 580 $ 39,910 ° $ о $ 0

The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the las purchase. Using the specific identification costing method, the amount of the costiof goods sold would be Oa. $2,730. Ob. $8,410. Oc. S11,140. Od. S13,870.

The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 5.50 600 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the last-in, first-out costing method, the cost of goods sold would be Oa. $8,390. Оb. $2,530. Oc. S8,570. Od. $8,410.

Assume Ava Co. has the following purchases of inventory during the first month of operations   Number of Units Cost per unit First Purchase 140 2.4 Second Purchase 105 4.7   Assuming Ava Co sells 120 units at $14 each, what is the cost of goods sold if they use LIFO?

At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $32. A summary of purchases during the current period follows.   Units Unit Cost Cost Beginning Inventory 1,000 $32 $32,000 Purchase #1 1,800 34 61,200 Purchase #2 800 38 30,400 Purchase #3 1,200 41 49,200   During the current period, Chen sold 2,800 units.   (a) Assume that Chen uses the first-in, first-out method. Compute both cost of good sold for the current period and the ending inventory balance. Use the financial statement effects template to record cost of goods sold for the period.

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