P7.6 (LO 3) Groupwork (Compute FIFO, LIFO, Average-Cost—Periodic and Perpetual) Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Date 1/1 2/4 2/20 4/2 11/4 Transaction Beginning inventory Purchase Sale Purchase Sale Instructions Compute cost of goods sold, assuming Ehlo uses: a. Periodic system, FIFO cost flow. b. Perpetual system, FIFO cost flow. c. Periodic system, LIFO cost flow. Quantity Price/Cost $12 1,000 2,000 2,500 3,000 2,200 18 30 23 33 600 1,000 1,300 1,600 3.20 3.30 3.40 800 3.50 1,300 500 300 1,100 No. of Units 1,200 Unit Cost $3.00 Issued, 700 Balance, No. of Units No. of Units 1,200 500 1,100 600 1,300 200 1,500 700 2,300 1,000 d. Perpetual system, LIFO cost flow. e. Periodic system, weighted-average cost flow. f. Perpetual system, moving-average cost flow.

View Policies Current Attempt in Progress You have the following information for Oriole Diamonds. Oriole Diamonds uses the periodic method of accounting for its inventory transactions. Oriole only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 Beginning inventory 177 diamonds at a cost of €362 per diamond. March 3 Purchased 236 diamonds at a cost of €413 each. March 5 Sold 220 diamonds for €708 each. March 10 Purchased 413 diamonds at a cost of €456 each. March 25 Sold 472 diamonds for €767 each. (a) Assume that Oriole Diamonds uses the specific identification cost flow method. (1) Demonstrate how Oriole Diamonds could maximize its gross profit for the month by specifically selecting which diamonds to s To maximize gross profit, Oriole Diamonds should sell the diamonds with the Demonstrate how Oriole Diamonds could minimize its gross profit for the month by selecting which diamonds…

Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.

Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.

Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.

Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.

Estimates of price-level changes for specific inventories are required for which of the following inventory methods? a. conventional retail b. weighted average cost c. FIFO d. dollar-value retail LIFO

Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses: Cost of aonde enld Amount (71.000) 10,000 $ 16 $ 2 $ 2 $ 21,000 $ 14,000 $9,000 $ 25,000 $ 87,000 $ 160,000✔ ||

I & J

Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare a traditional income statement. Complete this question by entering your answers in the tabs below. Sales Cost of goods sold Gross margin Selling and administrative expenses: Cherokee, Incorporated Traditional Income Statement Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Variable expenses: Fixed expenses: Amount 0 14,000 $ 16 $1 $3 0 $ 18,000 $ 14,000 $ 11,000 $ 23,000 $ 87,000 $ 224,000 0