During 2021, a company sells 460 units of inventory for $87 each. The company has the following inventory purchase transactions for 2021:   Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory   77   $ 76     $ 5,852     May 5 Purchase   265     77       20,405     Nov. 3 Purchase   187     79       14,773

he following data are available for Sellco for the fiscal year ended on January 31, 2020:              Sales 1,600 units       Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5   800 units @ $ 6   500 units @ $ 8   Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)

Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, for Topanga’s only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system to report inventory and cost of goods sold.  Date of Purchase Units   Unit Cost Total Cost Jan. 7 5,000   $ 4.00     $ 20,000   Feb. 16 21,000     5.00       105,000   March 22 25,000     6.00       150,000   Totals 51,000           $ 275,000      Sales for the quarter, all at $9 per unit, totaled 30,000 units leaving 21,000 units on hand at the end of the quarter. Required:1. Calculate Topanga's cost of goods sold for the first quarter using: FIFO LIFO Average cost 2. Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost.3. Comment on the relative effect of each of the three inventory methods on the gross profit ratio.

The Reuschel Company began 2021 with inventory of 11,000 units at a cost of $6 per unit. During 2021, 51,000 units were purchased for $7.60 each. Sales for the year totaled 55,500 units leaving 6,500 units on hand at the end of 2021. Reuschel uses a periodic inventory system and the LIFO inventory cost method. Required:1. Calculate cost of goods sold for 2021.2. Calculate the effect of the use of LIFO on Income.

A company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2024, with an inventory of $165,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 Ending Inventory at Year-End Costs Cost Index (Relative to Base Year) 2024 $ 243,800 1.06 2025 324,500 1.18 2026 304,750 1.15 2027 299,700 1.11 Required: Calculate inventory amounts at the end of each year. (nearest whole dollars)

UMET's Stores had the following inventory transactions in 2020:                       Transaction             Units          Cost per unit 1/1                 Balance                    50                      $6 2/14               Sale                          25                        5/23              Purchase                  100                     8 8/21              Sale                           50                      11/5              Purchase                   25                     12 11/18            Sale                           95                        Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average

During 2021, a company sells 280 units of inventory for $89 each. The company has the following inventory purchase transactions for 2021: Number of Units 69 169 189 Unit Cost $64 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Total Cost $ 4,416 10,985 12,663 $28,064 65 67 427 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory %24 147 Cost of goods sold

Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, for Topanga’s only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system to report inventory and cost of goods sold.  Date of Purchase Units   Unit Cost Total Cost Jan. 7 5,000   $ 6.00     $ 30,000   Feb. 16 14,000     7.00       98,000   March 22 18,000     8.00       144,000   Totals 37,000           $ 272,000      Sales for the quarter, all at $9 per unit, totaled 20,000 units leaving 17,000 units on hand at the end of the quarter. Required:1. Calculate Topanga's cost of goods sold for the first quarter using: FIFO LIFO Average cost 2. Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost.3. Comment on the relative effect of each of the three inventory methods on the gross profit ratio.

During 2021, a company sells 280 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021:  Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory   68   $ 68     $ 4,624     May 5 Purchase   166     69       11,454     Nov. 3 Purchase   190     71       13,490             424           $ 29,568       Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.   Ending inventory: __________ Cost of goods sold: ___________

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…