Question - Inventory Costing Methods The beginning balance of Sky Store's merchandise inventory, purchases and sales during May were as follows: May 1 Beginning inventory May 10 Sales (selling price @$20). May 20 Purchase May 25 Sales (selling price @ $20). May 30 Purchase 100 units @ $8 60 units 200 units @ $10 180 units 150 units @ $12| Required: 1. Calculate the number of units and cost of goods available for sale for May. 2. Calculate the cost of goods sold, the value of the ending inventory and the gross profit for the month of May for Sky Store under each of the following inventory costing methods: (a) Weighted average (round answers to 3 decimal places) (b) First-in, First-out

Homework i s Date January 1 January 10 March 14 March 15 July 30 October 5 October 26. Date Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost @$13.20 = @$18.20 = @$23.20 = @$28.20 Activities Beginning inventory Sales Purchase Sales Purchase. Sales Purchase. Totals a) Cost of Goods Sold using Specific Identification Available for Sale Activity Saved # of units 8,372 11,136 5,076 $28,280 Cost of Goods Sold Cost Per Unit Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate the following. Help COGS Save & Exit Subre Units Sold at Retail 240 units 410 units 450 units 1,100 units Check my work Ending Inventory Units @ $43.20 @$43.20 @$43.20 Ending…

Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Retail Celebrity Tan Co. Inventory, August 1 Transactions during August: Purchases (net) Sales Ranchworks Co. Inventory, March 1 Transactions during March through November: Purchases (net) Sales Estimated gross profit rate Required: Celebrity Tan Co. Estimated Cost of Inventory August 31 Ratio Line Item Description Inventory, August 1✔ ✔ Ratio of cost to retail price: Feedback ►Check My Work 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. For those boxes in which you must enter subtracted or negative numbers use a minus sign. % Ranchworks Co. Estimated Cost of Inventory November 30 Line Item Description Cost Cost Cost $300,000 $575,000 Cost 2,021,900 3,170,000 3,250,000 $880,000 9,500,000 15,800,000 38% 2a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross…

During June, the following changes in inventory took place. DATE June 1 June 14 June 24 DATE June 8 June 10 June 29 EVENT Beginning Balance Purchase Purchase TOTAL AVAILABLE FOR SALE EVENT Sale Sale Sale TOTAL SALES UNITS 1,400 800 800 3,000 UNITS 400 1,000 600 2,000 COST PER UNIT $24 $36 $30 SELLING PRICE $50 $40 $54 TOTAL COST For the month of June, calculate the: (1) Cost of good sold (in $) under the perpetual FIFO method. Answer is (2) Ending inventory (in $) under the perpetual LIFO method. Answer is (3) Gross Profit (in $) under the periodic weighted-average. Answer is $33,600 $28,800 $24,000 $86,400 TOTAL SALES $20,000 $40,000 $32,400 $92,400