Date eginning entory. Activities Units Acquired at Cost Units sold at Retail January 1 Beginning inventory 155 units @ $ 8.00 = $ 1,240 January 10. January 201 January 25 January 30 Sales Purchase Sales Purchase Totals 115 units @ $ 17.00 90 units @ $ 7.00 = 630 95 units @ $ 17.00 210 units. @ 455 units $ 6.50= 1,365 $ 3,235 210 units.

Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 40 units @ $2 = $ 80       January 3 Sales           30 units @ $8 February 14 Purchase 70 units @ $3 = $ 210       February 15 Sales           60 units @ $8 June 30 Purchase 90 units @ $4 = $ 360       November 6 Sales           86 units @ $8 November 19 Purchase 20 units @ $5 = $ 100         Totals 220 units     $ 750 176 units   record a journal entry worksheet

Activities Beginning inventory Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Units Acquired at Cost Units Sold at Retail 150 units @ $2 = $ 300 January 31 Sales 106 units @ $ 8 February 14 February 15 Purchase Sales 228 units June 30 November 6 November 19 Purchase Sales Purchase Totals 200 units 64 units 642 units @ $3 = $ 684 @ $4 = $ 800 170 units @ $ 8 152 units @ $ 8 @ $5 = $320 $ 428 units 2,104 The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. tes Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO

urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.

Cost flow methodsThe following three identical units of Item P401C are purchased duringApril:     Item Beta Units Cost April 2 Purchase  1 $100 15 Purchase 1 120 20 Purchase 1 140 Total   3 $360 Average cost per unit   $120 ($360 / 3 units) Assume that one unit is sold on April 27 for $300.Determine the gross profit for April and ending inventory on April 30using the (A) first-in, first-out (FIFO); (B) last-in, first-out (UFO); and (C)weighted average cost methods.

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eBOok Show Me How E Print Item Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 1 267 April 20 Purchase 270 Total 3 $801 Average cost per unit $267 ($801 ÷ 3 units) Assume that one unit is sold on April 27 for $366. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) first-out (LIF0); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) $4 c. Weighted average cost Check My Work Previous All work saved. Email Instructor Save and Exit Submit Assignment for APR 10 étv J

Date Activities Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28 = $420 Units Sold August 2 August 18 August 29 August 31 Purchase Purchase Sales 20 unit Purchase 14 units @ $29 = $406 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice $28.42 $26.80 $29.00 $25.00 O $30.35

Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 580 units @ $40 per unit       February 10 Purchase 420 units @ $38 per unit       March 13 Purchase 180 units @ $25 per unit       March 15 Sales       755 units @ $70 per unit August 21 Purchase 190 units @ $45 per unit       September 5 Purchase 560 units @ $41 per unit       September 10 Sales       750 units @ $70 per unit   Totals 1,930 units   1,505 units

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