purchased and sold merchandise on account as follows Jan. 5 Jan 10 Jan. 20 Jan. 25 Purchase Sale Purchase Sale 14 sofas @ $520 ea. 40 sofas 22 sofas at $515 ea. 31 sofas Determine the COGS sold and ending inventory values under FIFO, LIFO and weighted-average (round to 2 decimals). Additionally, determine the inventory method with the highest and lowest COGS as well as the highest and lowest value of ending inventory. You will need to prepare a perpetual inventory chart for this problem (see text exhibits 5.5, 5.6 and 5.7 for examp

The following units of a particular item were available for sale during the calendar year: Jan. 1  Inventory  4,000 units at $40 Apr. 19  Sale  2,500 units June 30  Purchase  4,500 units at $44 Sept. 2  Sale  5,000 units Nov. 15  Purchase  2,000 units at $46   The firm uses the weighted average cost method with a perpetual inventory system. Deteremine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5.

Thraya Industries had the following transactions in the month of March. Thraya uses a perpetual inventory system to account for its inventory transactions. All sales and purchases are on account. Date   Units Unit Cost Unit Sales Price Mar. 1 Beginning inventory 2,000 litres $6.15/l   Mar. 3 Purchase 2,500 litres $6.21/l   Mar. 5 Sale 2,300 litres   $10.50/l Mar. 10 Purchase 4,000 litres $6.72/l   Mar. 20 Purchase 2,500 litres $6.94/l   Mar. 30 Sale 5,200 litres   $12.50/l   Calculate the cost of goods sold, ending inventory, and gross profit for March using the weighted average (WA) method. Round the per-unit cost to two decimal places. Prepare journal entries to record the purchases and sales from parts B and C. Assume all purchases and sales are made on account. Answer the following questions for management. Which inventory method (FIFO or WA) produces the more meaningful inventory amount for…

Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a perlodic inventory system. Date Transactioos Beginning inventory Sale ($195 each) Purchase Sale ($210 each) Purchase Sale ($220 each) Purchase Units Unit Cost Total Cost August 1 $ 1,232 8 $154 August 4 August 11 August 13 August 20 August 26 August 29 10 8. 10 144 1,440 134 1,340 11 11 124 1,364 5,376 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. Ending inventory Cost of goods sold

The problem is stated in the picture. Here is the question: 1. How much is the gross profit for the year?

Please read and asnwer question using table provided.

Novak Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents purchased in February at a cost of $213 each and 98 tents purchased in March at a cost of $221 each. During April, the company had the following purchases and sales of tents: Date Apr. 3 (a) 10 17 24 30 (b) Your Answer Units Unit Cost Purchases 204 290 Cost of goods sold Gross profit Ending inventory $ $ Correct Answer (Used) Your answer is incorrect. Gross profit margin Save for Later $276 Determine the cost of goods sold and the cost of the ending inventory using FIFO. 287 19 $ eTextbook and Media Units 78 244 202 Sales Unit Price $393 Calculate Novak Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimal place, e.g. 1.2% and gross profit to O decimal places, e.g. 5,275.) 137,902 393 34,153 393 96 Attempts: 2 of 3 used Submit Answer

A company had the following purchases during its first year of operations: January May September October Purchases 6 units at $ 12 25 units at $ 16 24 units at $ 19 Sales 7 units at $40 Assuming that the company uses the First In First Out (FIFO) as their inventory valuation method. What is the value of their ending inventory as of October?

Red Company has beginning inventory of 22 units at a cost of $12.00 each on May 1. On May 5, it purchases 9 units at $14.00 per unit. On May 12 it purchases 25 units at $15.00 per unit. On May 15, it sells 39 units for $32 each. Using the FIFO perpetual inventory method, what is the value of the inventory on May 15 after the sale?

Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX = 0):            Action Date Amount Cost             Purchase 1/15/XX 150 Widgets $10 per Widget   Purchase 2/15/XX 250 Widgets $11 per Widget   Purchase 3/15/XX 600 Widgets $12 per Widget   Total   1,000 Widgets               Sell 3/20/XX 400 Widgets $20 per Widget   Sell 3/25/XX 300 Widgets $20 per Widget       700 Widgets       FIFO Inventory = LIFO Inventory = FIFO Gross Profit = LIFO Gross Profit =