Mar. 3 Inventory 12 units @ $15 11 Purchase 13 units @ $17 14 Sale 18 units 21 Purchase 9 units @ $20 25 Sale 10 units Assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of goods sold and ending inventory under the following assumptions: a. First-in, first-out Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Maг. 3 $4 $4 11 24 24 14 24 21 25 Balances $4 Cost of goods sold Ending inventory b. Last-in, first-out Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Mar. 3 $4 2$4 11

Paragraph 151 Styles Assume an outlet of The Runner's Store has the following data: Date Item Quantity Unit Costs Sale Price Aug 1 Beginning balance 40 $40 Sale 16 $70 8 Purchase 80 41 11 Sale 34 70 19 Sale 72 24 Sale 30 72 30 Purchase 18 42 Requirements: a) Calculate the Cost of Goods Sold and Ending Inventory using FIFO method. b) Calculate the Cost of Goods Sold and Ending Inventory using Weighted Average method. c) Calculate the gross profit under FIFO and Weighted Average method. d) Prepare the journal entries for August 3 and August 8 based on FIFO method. a) FIFO Opening and Purchases Cost of Goods Sold Balance Date Unit Unit Amount Unit Unit Amount Unit Unit Amount Cost Cost Cost Total

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Income Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Units 3,000 3,000 $ $ 3,000 $ FIFO Inventory Costing Method LIFO 3,000 3,000 3,000 3,000 0 0 0 0 0 0 0 Weighted Average $ $ 0 0 0 0 0

The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-

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a. Chapters 1-7 G Traducir antaFe iriclars Sotems TB MC Qu. 6-137 Using a perpetual inventory system, how... Using a perpetual Iventory system, how should a company record the sale of Inventory costing $550 for $1,170 on account? 1. InventorY 550 Cost oE GOods Sold 550 Sales Revenue 1,170 Accounts Receivable 1,170 2. Accounts Receivable 1,170 Sales Revenue 1,170 Cost of Goods Sold 550 Inventory 550 550 3. Inventory 620 Gain 1,170 Sales Revenue 1,170 Accounts Receivable 550 Sales Revenues 620 Gain Multiple Choice Ne

Determine the ending inventory amount by applying the lower of cost or market value to a. Each inventory item of inventoryb. Total inventory The following data refer to Froning Company’s ending inventoryItem Code,  Quantity,  Unit  Cost,  Unit MarketLXC               60             $45             $48KMT              210           $38             $34MOR              300          $22             $20NES                100          $27              $32