Required information M7-11 to 13 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3]   [The following information applies to the questions displayed below.]   In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 220 units at $6 on January 1, (2) 490 units at $7 on January 8, and (3) 790 units at $8 on January 29.   M7-13 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic Weighted Average Cost [LO 7-3] Assume 950 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under the weighted average cost flow assumptions. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)

Problem 6 - 2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Ariana Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $235 $4,700 March 5 Sale ($370 each) 15 March 9 Purchase 10 255 2,550 March 17 Sale ($420 each) 8 March 22 Purchase 10 265 2,650 March 27 Sale ($445 each) 12 March 30 Purchase 9 285 2, 565 $12, 465 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method. 2.…

Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) Ariana Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Ariana Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory 20 $235 $4,700 March 5 Sale ($370 each) 15 March 9 Purchase 10 255 2,550 March 17 Sale ($420 each) 8 March 22 Purchase 10 265 2,650 March 27 Sale ($445 each) 12 March 30 Purchase 9 285 2,565 $12,465 For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase. Required: 1. Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.

44

E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO and Weighted Average Cost [LO7-3] Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totalled 290 units. Beginning Inventory Purchase Purchase Number of goods available for sale Cost of goods available for sale Date January 1 January 15 430 January 24 225 Required: 1. Calculate the number and cost of goods available for sale. Ending inventory Units 145 2. Calculate the number of units in ending inventory. FIFO Weighted average units units Ending Cost of Inventory Goods Sold Unit Cost $9.0 9.5 12.0 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO and (b) weighted average cost methods. (Do not round Weighted average cost per unit. Round your final…

A5

Bramble Company reports the following for the month of June. June 1 (a) 12 23 30 (b) Inventory 290 Purchase 400 Purchase Inventory Units Unit Cost $5 Cost of goods sold 300 130 Cost of the ending inventory Your answer has been saved. See score details after the due date. Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Save for Later 6 $ 7 in Total Cost $1,450 2,400 2,100 FIFO 910 5040 Which costing method gives the higher ending inventory? 5 $ LIFO 650 5300 Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer

Please answer these two problems correctly.

Please do not give solution in image format thanku

E6-15 Comparing inventory methods Super Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month’s milk purchases and sales at its Freeport ,Florida location follow: Nov 2.    Purchased 11 gallons @ $2.15 each Nov. 6       Purchased 2 gallons @ $2.80 each Nov. 8        Sold 6 gallons of milk to a customer Nov 13.      Purchased 3 gallon @ $2.85 each Nov 14.      Sold 4 gallons of milk to a customer  Requirements Determine the amount that would be reported in ending merchandise inventory on January 15 using the FIFO inventory costing method. Determine the amount that would be reported in ending merchandise inventory onJanuary 15 using the LIFO inventory costing method. Determine the amount that would be reported in ending merchandise inventory on January 15 using the weighted-average inventory costing method. Round all amounts to the nearest cent.