Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during the year:   Cost Retail Inventory, January 1 $35,000 $70,000 Purchases 140,000 244,614 Markups (net) — 5,000 Markdowns (net) — 4,000 Sales — 180,000 Instructions: 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. HARMES COMPANYCalculation of ending inventory by retail inventory methodFIFO     Cost Retail     $- Select - $- Select -     - Select - - Select -     - Select - - Select -     $fill in the blank 9edac0f9300ffd0_10 fill in the blank 9edac0f9300ffd0_11 Cost-to-retail ratio: fill in the blank 9edac0f9300ffd0_12         - Select - - Select -     $- Select - $- Select -     - Select - - Select -     $- Select - $- Select -                           2. Compute the ending inventory by the retail inventory method for the following cost flow assumption: Average cost. Round the cost-to-retail ratio to three decimal places. HARMES COMPANYCalculation of ending inventory by retail inventory methodAverage Cost     Cost Retail     $- Select - $- Select -     - Select - - Select -     - Select - - Select -     - Select - - Select -     $- Select - $- Select - Cost-to-retail ratio fill in the blank 0528b6f44ffef90_16         - Select - - Select -     $- Select - $- Select -                                   3. Compute the ending inventory by the retail inventory method for the following cost flow assumption: LIFO. Round the cost-to-retail ratio to three decimal places. HARMES COMPANYCalculation of ending inventory by retail inventory methodLIFO     Cost Retail     $- Select - $- Select - Cost-to-retail ratio fill in the blank e72d46086f92fd8_4         - Select - - Select -     - Select - $- Select -     - Select - - Select -     $- Select - $- Select - Cost-to-retail ratio fill in the blank e72d46086f92fd8_17         - Select - - Select -     $- Select - $- Select -

Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Goods SoldWeighted Average Cost Flow Method   Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1             fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 19       fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7…

Inventory Costing Methods and the Periodic MethodKay & Company experienced the following events in March: Date Event Units   Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60       Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40       If Kay & Company uses the weighted-average cost method, calculate the company’s cost of goods sold and ending inventory as of March 31 assuming the periodic method.(Round answer to two decimal places, if needed.)

Periodic System- Calculating Ending Inventory and Cost of Sales using LIFO The following information is available for Water Inc. Date January 1 (beginning inventory) 440 Purchases: January 10 January 15 January 30 Units Unit Cost $50.00 330 52.00 660 440 52.50 55.00 The company maintains a periodic inventory system. A physical inventory count shows 550 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the LIFO inventory method? • Note: Round your final answers below to the nearest whole dollar. • Use your rounded ending inventory answer to compute part b. cost of goods sold. a. Ending inventory on January 31 $ 0 b. Cost of goods sold for January $ 0