Required Information [The following information applies to the questions displayed below.] A company began January with 9,000 units of its principal product. The cost of each unit is $5. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales FIFO Beginning Inventory Purchases: January 10 January 18 Units 6,000 9,000 15,000 Units 10,000 units were on hand at the end of the month. 5,000 3,000 6,000 14,000 Required: 1. Calculate January's ending Inventory and cost of goods sold for the month using FIFO, periodic system. Purchases Unit Cost* $6 7 Number Cost per of units unit Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Cost of Goods Available for Sale 9,000 $5.00 $ 45,000 6,0 $ 6.00 9,000 $7.00 24.000 Total Cost $36,000 63,000 $ 99,000 36,000 63,000 144.000 Number of Cost per units sold unit $ $ 69 5.00 6.00 7.00 Cost of Goods Sold Ending Inventory - Periodic FIFO Number of units in ending inventory Cost per unit $ $ FA $ 5.00 6.00 7.00 Ending Inventory

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Consider the following transactions for DeTrees Company for the month shown in chronological order: In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using perpetual inventory updating.  PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$" (i.e. $12,345.67). Weighted average cost per unit =  per unit. Cost Allocation Method Cost of Goods Available Cost of Goods Sold Ending Inventory Sales Gross Margin First-in, First-out (FIFO)           Last-in, First-out (LIFO)           Weighted Average (AVG)

On ff Company Company Materials inventory, December 1 $81,110 $109,500 Materials inventory, December 31 (a) 123,730 Materials purchased 206,020 (a) Cost of direct materials used in production 217,370 (b) Direct labor 305,780 246,380 Factory overhead 94,900 122,640 Total manufacturing costs incurred in December (b) 708,470 Total manufacturing costs 773,780 773,780 Work in process inventory, December 1 155,730 263,900 Work in process inventory, December 31 131,400 (c) Cost of goods manufactured (c) 701,900 Finished goods inventory, December 1 137,080 122,640 Finished goods inventory, December 31 143,560 (d) Sales 1,195,560 1,095,000 Cost of goods sold (d) 708,470 Gross profit (e) (e) Operating expenses 155,730 (f) Net income (f) 243,090

Cullumber Company uses a periodic inventory system. Its records show the following for the month of April, with 25 units on hand at April 30: Units Unit Cost Total Cost April 1 Inventory 30 $8 $240 12 Purchases 45 10 450 16 Purchases 17 11 187 Total 92 $877 (a) Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. )

Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $75 per unit) 00 8 e. Sale, October 31 (sold for $78 per unit) f. Operating expenses (excluding income tax expense), $607,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units 4,000 Unit Cost $ 30 10,000 31 6,000 4,400 9,000 33 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory…

Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning. For the year: Complete this question by entering your answers in the tabs below. b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $69 per unit) e. Sale, October 31 (sold for $72 per unit) f. Operating expenses (excluding income tax expense), $406,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory…