E6A-1 Calculating periodic inventory amounts [10–15 min] The periodic inventory records of Synergy Prosthetics indicate the following at 31 July: lul 1 8. Beginning inventory Purchase Purchase 6 units @ $60 5 units @ $67 10 units @ $70 5 units @ $85 15 26 Purchase At 31 July, Synergy counts two units of inventory on hand. Requirement Calculate ending inventory and cost of sales, using each of the following methods: a average cost (round average unit cost to the nearest cent) o first in, first out : last in, first out.

Use the following information from Marvel Company for themonth of July. July 1 Beginning inventory 75 units @ $25 eachJuly 3 Purchase 348 units @ $27 eachJuly 8 Sale 300 unitsJuly 15 Purchase 257 units @ $28 eachJuly 23 Sale 275 units Assume that Marvel uses a periodic FIFO inventory system. What is the dollar value of its ending inventory? a. $2,940 c. $2,625 e. $2,705 b. $2,685 d. $2,852

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.

Beginning Inventory at FIFO: 15 Units @ $16 = $240 Beginning Inventory at LIFO: 15 Units @ $12 = $1801. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 2. Which costing method is the more accurate indicator of the efficiency of inventory management?

9. Sylvia's Designs Co. had the following inventory activity during April: Unit Units 100 Cost $10 Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase (April 23) Sale (April 28) 50 12 80 40 14 60 15 120 Assuming Sylvia's uses a periodic LIFO cost flow assumption, ending inventory for April would be a. $2,560 b. $ 750 c. $2,310 d. $ 500

Perpetual: LIFO and Moving-Average The beginning inventory, purchases, and sales for Myrl Sign Company for the month of April are shown. Date Beginning Inventory and Purchases Sales   Units Cost/Unit Units April 1 (BI) 100 $4.10      100 4.70     200 4.80   April 20 400 5.40   April 30     650   BI: Beginning Inventory Required: Calculate the total amount to be assigned to cost of goods sold for April and the ending inventory on April 30, under each of the following methods. In your calculations round the average unit cost to the nearest cent and answers to the nearest dollar.   Cost of Goods Sold Inventory on Hand 1.  Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2 2.  Perpetual moving-average inventory method $fill in the blank 3

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 27 units @ $34 918 Nov. 28 Purchase 44 units @ $36 1,584     96 units   $3,227 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. a.  Determine the inventory cost by the FIFO method.$fill in the blank 1 b.  Determine the inventory cost by the LIFO method.$fill in the blank 2 c.  Determine the inventory cost by the average cost methods. Round answer to two decimal places.$fill in the blank 3

Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00

Suppose that Pharoah has the following inventory data: July 1 Beginning inventory 25 units at $5.00 5 Purchases 101 units at $5.50 14 Sale 67 units 21 Purchases 50 units at $6.00 30 Sale 47 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $650.50 ○ $980.50 O $330.00 O $485.00

Assume that Wally World uses a perpetual weighted average inventory system. During the period, it had two sales. Calculate the average cost per unit on hand as of June 30 when it made its second sale. Jun 1 Beginning Inventory 10 @ $12 Purchase 10 @ $15 Sale units Purchase 10 @ $18 8 units Jun 5 Jun 8 Jun 28 Jun 30 Sale O $10/unit O $15.375/unit O $15/unit O $13.50/unit