NOVA BOOKS sells books, backpacks, and shirts. The following information is presented as of December 31. Inventory Item Units Cost per unit Net realizable value per unit Books 2000 $60.00 $55.00 Backpacks 200 $30.00 $25.00 Shirts 1,000 $10.00 $15.00 Apply the lower-of-cost-or-net-realizable-value rule to each item. What is NOVA BOOKS' total ending inventory balance?

Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: January 28: Sales: 40 units @ $51 40 units @ $52 January 12: January 22: January 31: 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses LIFO and a periodic inventory system. Ending inventory Cost of goods sold

Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572

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The accounting records of Cullumber Electronics show the following data. Beginning inventory Purchases Sales 4,000 units at 8,500 units at $8 10,700 units at $11 * Your answer is incorrect. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ e Textbook and Media $6 X Your answer is incorrect. Cost of goods sold $ Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to O decimal places, e.g. 125.) FIFO 5.36 56,200 $ LIFO 59,800 $ Average-cost 57,352

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Use the following inventory table to find the cost of goods sold using the​ first-in, first-out​ (FIFO) inventory method.   Date of purchase Units purchased Cost per unit Retail price per unit Beginning inventory 42 ​$860 ​$965 February 5 25 ​$1,770 ​$2,115 February 9 19 ​$945 ​$1,208 March 3 27 ​$490 ​$600 Units sold 81           Question content area bottom Part 1 The cost of goods sold is ​$enter your response here. ​(Type an integer or a​ decimal.)

Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 1,400 units @ $2.20 Purchase, March 16 280 units @ $2.25 March 31 520 units The value assigned to cost of goods sold if Niles uses FIFO is: A) $3,448. B) $3,392. C) $1,160. D) $1,104. 2. Emley Company has been using the LIFO method of inventory valuation for 10 years since it began operations. Its 2020 ending inventory was $60,000, but it would have been $90,000 if FIFO had been used. Thus, if FIFO had been used, Emley’s income before income taxes would have been: A) $30,000 less in 2020. B) $30,000 greater in 2020. C) $30,000 greater over the 10-year period. 3. Nichols Company had 500 units of “SIO” in its inventory at a cost of $5 each. It purchased, for $2,400, more units of “SIO”. Nichols then sold 600 units at a selling price of $10 each, resulting in a gross profit of $2,100. The cost flow assumption used by Nichols: A) is FIFO. B) is weighted average. C) is…

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