March Beginning and Ending Inventory Balance March 1st $4,950 $4,950 $5,000 $4,000 $3,000 $2,000 $1,000 $0 $3,050 March 31st $2,875 LIFO FIFO LIFO Inventory Purchase Quantity January 10th February 7th 100 150 E February 19th 0 20 40 60 80 Quantity 125 100 120 140 160 FIFO Inventory Purchase Price $15.00 $14.00 $13.00 $12.50 $12.00 $13.00 $14.00 $11.00 $10.00 January 10th February 7th February 19th Required: 1. During the Month of March there were no purchases and only one sale occurred. What was the quantity sold during March? Quantity sold 2. Compute the cost of goods sold for Capistrano Retailers for the month of March under each Method: FIFO Cost of Goods Sold LIFO 3. Which inventory costing method may be preferred for income tax reporting purposes?

C Cengage NOWv2 | Onlin Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 44 units @ $15 9 Sale 30 units 13 Purchase 25 Sale 30 units @ $17 23 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the inventory c July 31. a. Cost of merchandise sold on July 25 b. Inventory on July 31 402 X 348 X Incorrect Feedback Check My Work

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Nash Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $124 $113 $98 $93 $113 $93 Cost 77 82 82 82 52 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 19 10 21 10 21 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D %24 Item E %$4 Item F 24 Item G %24 Item H %24

Inventory Date Quantity Unit Cost Total Cost Mar. 1 850 $98 $83,300 1,275 $95 $121,125 Mar. 8 650 $98 $63,700 Mar. 11 325 $98 $31,850 Mar. 14 325 $98 $31,850 780 $103 $80,340 Mar. 22 260 $98 $25,480 Mar. 25 260 $98 $25,480 1,800 $100 $180,000 Study the inventory record for March and answer the questions that follow. 1. Assuming that the product sells for $155 and that 85% of sales are on account, determine the gross profit from sales for March. 2. Making the same assumptions as in (1), determine the ending inventory cost for March. $ 3. Which inventory method is being used? LIFO

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QUESTION 14 ABC Corporation has the following inventory information for March, 2019: Units $Unit cost $ Total Cost Beg. Inv. 10.50 26,250 2,500 Purchase 1 10.75 34,400 3,200 Purchase 2 11.00 29,700 2,700 Purchase 3 11.25 22,500 2,000 Total 112,850 10,400 On March 31, ABC has 2,700 units in ending inventory. Using the periodic LIFO (last-in, first-out) method, what is the value of ending inventory on March 31? O a. $28,400 O b. $28,350 O c. $30,375 O d. $30,200

Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory Units purchased 40 20 15 26 82 Cost per Total cost unit $850 $1,770 $965 $480 Retail price per unit $965 $2,105 $2,016 $600 Total retail value

Question 5 options: 7565.23 7415.65 7433.44 7395.58

%24 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as followS: Oct. 1 Inventory 72 units @ $20 7. Sale 58 units 15 Purchase 50 units @ $24 24 Sale 22 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31