Current Attempt in Progress Sheridan Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Per Units Unit Price 180 $5.00 5.60 Balance, 1/1/20 Purchase, 1/15/20 150 Purchase, 1/28/20 150 O $1155 O $800 O $881 O $871 5.50 Total $900 840 825 An end of the month (1/31/20) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory?

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…

Question: Langley Inc. inventory records for a particular development program show the following at October 31, 2020: At October 31, ten of these programs are on hand. Langley uses the perpetual inventory system. 1. Journalize for Langley: a. Total October purchases in one summary entry. All purchases were on credit. b. Total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Langley uses the FIFO inventory method. (Please show the calculations/where the number is from) Ex: I didn't understand the part of the answer for the entry Cost of Goods Sold & Inventory 1,710. 2. Under FIFO, how much gross profit would Langley earn on these transactions? What is the FIFO cost of Langley’s ending inventory?

Opening and closing inventory balances and purchases for the month of October 2020 for Haadiyah Hearing Ltd are as follows:   Units Per unit Inventory, 1 October 7,000 $4.00 Purchase, 3 October 8,000 $4.10 Purchase, 15 October 11,000 $4.20 Purchase, 20 October 15,000 $4.25 Inventory, 31 October 20,000 -   Required: Determine the cost of goods sold for October under each of the following cost flow assumptions: FIFO Weighted average LIFO

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.        June 1 Beginning inventory 50 units at $20 each June 15 Sale of 42 units for $50 each   June 29 Purchase 42 units at $25 each    The cost of the ending inventory is:

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…

The following units of inventory item is available for sale durning the year :   beginnig inventory 10 units at $55 first purchase 25 units at $60 second purchase 30 units at $65  third purchase 15 units at $70 the firm uses the periodic inventory system. Durning the year 60 units of items were sold  the value of ending inventory using lifo is

1. At the beginning of September 2020, Bonita company reported inventory of 8200. During the month, the company purchases of 35900. At September 30 2020, a physical count of inventory reported 8600 on hand. Cost of goods solids for the month is ?

Bins Incorporated uses the periodic inventory system. The following table shows beginning inventory and inventory purchases for 2020: Month Beginning Inventory January February March Totals Sales Units Units 2,240 2,880 1,960 3,000 2,080 2,800 2,720 8,680 9,000 Purchases Cost per unit $5.00 $7.00 $5.00 $7.00 Totals $11,200 $13,720 $10,400 $19,040 $54,360 Relative to March, the company projects a 5 percent increase in cost of goods sold during April. The desired ending inventory balance for April is $2,400. Romaguera Inc pays cash to settle 60 percent of its purchases on account during the month of purchase and pays the remaining 40 percent in the month following the purchase. The accounts payable balance as of March 31 was $6,800. Required: Based on the FIFO inventory valuation methods answer the following questions. You may round your final answer to the nearest dollar. What is the ending inventory balance at the end of March? $ What is the total cost of goods sold at the end of…