Linden Watch Company reported the following income statement data for a 2-year period                                              2019                 2020 Sales                                     $280,000            $320,000 Cost of goods sold Beginning inventory              32,000                 44,000 Cost of goods purchased      193,000               225,000 Cost of goods available for sale 225,000           269,000 Ending inventory                      44,000                  52,000      Cost of goods sold              181,000            217,000 Gross profit                           $ 99,000             $103,000 Linden uses a periodic inventory system. The inventories on January 1, 2019, and December 31, 2020, are correct. However, the ending inventory on December 31, 2019, was overstated by $5,000.

Haresh

The following data are available for Sellco for the fiscal year ended on January 31, 2020:              Sales 830 units       Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5   450 units @ $ 7   250 units @ $ 7   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 $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)

Pares

A company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company’s records under this system reveal the following inventory layers at the beginning of 2024 (listed in chronological order of acquisition): 19,500 units @ $10 $ 195,000 24,500 units @ $15 367,500 Beginning inventory $ 562,500 During 2024, 49,000 units were purchased for $20 per unit. Due to unexpected demand for the company's product, 2024 sales totaled 60,000 units at various prices, leaving 33,000 units in ending inventory. Calculate the amount to report for cost of goods sold for 2024. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2024 financial statements. Assume an income tax rate of 25%. If the company decided to purchase an additional 11,000 units at $20 per unit at the end of the year, how much income tax currently payable would be saved?

Givens Company uses a periodic inventory system.Its records show the following for the month of december 2019,in which 68 units were sold at$100 per unit.     Units Units Cost Total Cost December 1 Beginning inventory  30 $9 $270 15 Purchase  25 $11 $275 24 Purchase  35 $12 $420   Totals 90   $965 Required: (show all calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: a.Calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method. b.calculate the Gross Profit for the month ended December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method.

The following data are available for Sellco for the fiscal year ended on January 31, 2020:              Sales 840 units       Beginning inventory 250 units @ $ 4 Purchases, in chronological order 320 units @ $ 5   410 units @ $ 6   200 units @ $ 7   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 $12,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)

Data below for the year ended December 31, 2024, relates to Houdini Incorporated Houdini started business January 1, 2024, and uses the LIFO retail method to estimate ending inventory. Cost Retail Beginning inventory $66,000 $104,000 Net purchases 280,000 420,000 Net markups 20,000 Net markdowns 40,000 Net sales 375,000 Estimated ending inventory at cost is:

During 2021, a company sells 340 units of inventory for $90 each. The company has the following inventory purchase transactions for 2021:  Date   Transaction inventory Number of units Unit cost Total Cost Jan. 1 Beginning inventory 69 $62 $4,278 May 5 Purchase 168 63 10,584 Nov. 3 Purchase 181 65 11,765       418   26,627 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory   Cost of goods sold

The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 350 $ 977,150 6,448, 700 129, 350 5,595, 700 January 1 beginning inventory Purchases 4,138, 245 Purchase returns 62, 800 Sales Sales returns 49, 600 Requlred: 1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost