Jelly Bros. Tools, Inc. had the following layers in its LIFO tablesaw inventory at january 1, 2018. The company sets its selling price at 200% of relacement cost at the time of sale. Replacement cost as of January 1, 2018 was $850 per unit and remained unchanged throughout 2018. During 2018, the company puchased 650 units and sold 1,150 units. Yeaar LIFO layer added                   Units                        Unit Cost 2015                                                200                          $740 2016                                                190                          $780 2017                                                170                          $820 Required: 1. Calculate the difference between Jelly Bros. Tools, Inc.'s current cost gross margin (on a replacement cost basis) and the LIFO gross margin as reported by the company in 2018.  2. What does the difference represent?

The following is a record of Larkspur Company’s transactions for Boston Teapots for the month of May 2017. May 1   Balance   476 units  @  $20   May 10   Sale   357 units  @  $37 12   Purchase   714 units  @  $27   20   Sale   643 units  @  $37 28   Purchase   476 units  @  $31                          Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 666 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?     (1)FIFO   (2)LIFO Ending Inventory   $     $       LINK TO TEXT       Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.     (1)FIFO   (2)LIFO Ending Inventory   $     $       Click if you would like to Show Work for this question: Open Show Work

Sunland Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Sunland’s inventory records for Zhao’s only product, the XL5500.     Units   Unit Cost January 1, 2017 (beginning inventory)   1,200   $ 77 Purchases            January 8, 2017   300   78    January 23, 2017   1,250   80.00    February 9, 2017   350   82    February 25, 2017   650   84 A physical inventory on February 28, 2017, shows 1,250 units on hand.

For the wholesale division, Devin uses the dollar value LIFO method of inventory. The base year established for LIFO is 2014. The inventory at the end of 2014 was calculated as $1,040,500. For the next 3 years you have the following information: 2015 2016 2017 Ending inventory counted at cost 1,085,000 1,091,000 1,398,000 Price level increase from 2014 3% 5% 10 % Net Purchases $2,935,000 Net Sales $5,456,000 Required for the retail division: 1. Calculate the ending inventory to be reported on the balance sheet for each of the three years. 2. Calculate the cost of goods sold and the gross margin for 2016.