Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $23 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units December 31, 2019 165 December 31, 2020, by purchase date December 2, 2020 165 July 20, 2020 50 215 During the year 2020, the following purchases and sales were made. Purchases Sales March 15 365 units at $28 April 10 265 July 20 365 units at 29 August 20 365 September 4 265 units at 32 November 18 215 December 2 165 units at 35 December 12 265 The company uses the periodicinventory method.

Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020: Beginning Inventory 124 units @ $50 per unit Purchases Purchase 1 on 3/11/20 75 units @ $52 per unit Purchase 2 on 10/18/20 94 units @ $54 per unit Sales Sale 1 on 3/15/20 110 units @ $79 per unit Sale 2 on 10/22/20 130 units @ $79 per unit All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 60 units from the 3/11/20 purchase and 70 units from the 10/18/20 purchase. Show how Mist's Balance Sheet and Income Statement would differ under each of the inventory cost flow assumptions. Compute Ending Inventory, COGS and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table. Specific Identification First-In, First-Out Last-In, First-Out Weighted Average Cost (round to 2 decimal places) 12/31/20 Balance Sheet Ending Inventory 2020 Income Statement Cost of Goods Sold Gross Profit

Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,100 gallons @ $7.4 per gallon   Purchases:             Sales:     Apr. 10 620 gals @ $ 7.45   Apr. 5 420 gals Apr. 16 820 gals @ $ 7.50   Apr. 14 720 gals Apr. 23 620 gals @ $ 7.55   Apr. 20 520 gals               Apr. 26 720 gals     Ending inventory assuming LIFO in a perpetual inventory system would be:

Haradev

Subject: accounting

The 2021 inventory data for Island Corporation is presented below. Assume that Island uses periodic inventory tracking.   2021 Beginning Inventory (purchased in 2020)   100 units @ $28 per unit       Purchases:     Purchase 1 on 1/20/21   300 units @ $30 per unit Purchase 2 on 6/15/21   1,100 units @ $34 per unit        Sales:     Sale 1 on 4/8/21   520 units @ $60 per unit Sale 2 on 9/25/21   860 units @ $60 per unit   When Island examines the actual units in ending inventory, they see that 30 of the units are from 2021 beginning inventory, 40 units are from the 1/20/21 purchase, and 50 units are from the 6/15/21 purchase.    What is Inventory on the 12/31/21 Balance Sheet if Island uses FIFO? $3,400 $4,080 $45,120 $45,800       What is Cost of Goods Sold on the 2021 Income Statement if Island uses LIFO? $3,400 $4,080 $45,120 $45,800       What is Inventory on the 12/31/21 Balance Sheet if Island…

Mist Company uses a PERIODIC inventory system. Mist had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (purchased in 2020)   Purchases:   60 units @ $20 per unit   Purchase 1 on 3/8/21   140 units @ $28 per unit Purchase 2 on 8/5/21   50 units @ $32 per unit       Sales:     Sale 1 on 5/8/21   80 units @ $90 per unit Sale 2 on 9/13/21   125 units @ $90 per unit              Of the items sold on 5/8/2021, 60 units were from the beginning inventory and 20 units were from 3/8/21 purchase. The 9/13/21 sale included 85 units from the 3/8/21 purchase and 40 units from the 8/5/21 purchase.    Show how Mist's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions.  Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per…

During 2024, a company sells 20 units of Inventory. The company has the following inventory purchase transactions for 2024: Total Cost $969 826 $1,795 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses LIFO. Date January 1 September 8 Ending inventory Cost of goods sold Number of Transaction Beginning inventory Purchase Units Unit Cost 17 $57 59

Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020: Beginning inventory Sales Purchases Purchase returns Ending inventory Gross profit Cost of goods sold Expenses Net income 2019 $ (b) 250,000 115,000 2,000 50,000 (a) 101,000 60,000 (c) 2020 $ (d) (f) 140,000 3,000 70,000 83,000 (e) 62,000 21,000 Required Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.) (a) Gross profit (b) Beginning inventory (c) Net income (d) Beginning inventory of 2020 $ (e) Cost of goods sold (f) Sales

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