Garrett Company has the following transactions during the months of April and May: Date April 1 17 25 28 May 5 Transaction Units Cost/Unit 18 Sale 22 Sale Balance Purchase Sale Purchase Purchase April May b. FIFO perpetual April The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: May 500 200 150 100 250 300 50 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: a. FIFO periodic Cost of Goods Sold Ending Inventory April May c. LIFO periodic $5.20 5.70 5.20 Cost of Goods Sold Ending Inventory Cost of Goods Sold Ending Inventory

Current Attempt in Progress Sunland Company reports the following for the month of June. Date   Explanation   Units   Unit Cost   Total Cost June 1   Inventory   150   $2     $300   12   Purchase   450   5     2,250   23   Purchase   400   6     2,400   30   Inventory   80             Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.   Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. (Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.)     FIFO   LIFO   Moving-Average Cost The cost ending inventory   $Enter a dollar amount   $Enter a dollar amount   $Enter a dollar amount The cost of goods sold   $Enter a dollar amount   $Enter a dollar amount   $Enter a dollar amount eTextbook and Media

2.  Consider the following transactions for DeTrees Company for the month shown in chronological order:                                             Number of Units           Unit Cost             Sales    Beginnig inventory                     100                            $66               Puchased                                      80                              75 Sold                                               50                                                        $120 Sold                                               25                                                          125 Ending inventory                          105                In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using perpetual inventory updating.  PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit,…

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

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 30 units @ $35 1,050 Nov. 28 Purchase 38 units @ $39 1,482 92 units $3,300 There are 15 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. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. %24 %24 %24

The inventory records of TC show the following purchases:Month        Units        CostJanuary    15,000    190,500February    20,000    240,000March        12,500    165,00A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?a. 120,000        b. 225,000        c. 280,500        d. 285,000

Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Apr. 2 14 28 Total Purchase Purchase Purchase Units a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ 1 $ 1 1 $ 3 Average cost per unit Assume that one unit is sold on April 30 for $140. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Cost $112 113 114 $339 $113 ($339 3 units) Ending Inventory $