Ornamental Iron Works began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: (Click the icon to view the transactions.) Read the requirements. Data table Aug. 3 Aug. 8 Aug. 21 Aug. 30 Sale Purchase Sale Purchase Units 45 90 $ 85 Print 15 Unit Cost 54 58 Done Unit Sales Price $ 85 88 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. 3. Prepare a perpetual inventory record for the merchandise inventory using the LIFO inventory costing method. 4. Prepare a perpetual inventory record for the merchandise inventory using the weighted-average inventory costing method. Determine the company's cost of goods sold for August using FIFO, LIFO, and weighted-average inventory costing methods. 5. 6. If the business wanted to maximize gross profit, which method would it select? Compute gross profit for August using FIFO, LIFO, and weighted-average inventory costing methods. -

ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units @ $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 28 units @ $30 840 Nov. 28 Purchase 46 units @ $37 1,702 98 units $3,310 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost using the FIFO method. b. Determine the inventory cost using the LIFO method. c. Determine the inventory cost using the weighted average cost methods. Round interim calculations and final answer to two decimal places.

ddison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sept. 1 Inventory 20 units at $20 4 Sale 10 units 10 Purchase 30 units at $25 17 Sale 20 units 30 Purchase 10 units at $30 Use the information for Addison, Inc. If Addison uses LIFO, the cost of the ending merchandise inventory on September 30 is