Show how Mist's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions.  Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per unit cost to the nearest cent.

Coronado Corporation began operations on December 1, 2019. The only inventory transaction in 2019 was the purchase of inventory on December 10, 2019, at a cost of $ 23 per unit. None of this inventory was sold in 2019. Relevant information is as follows. Ending inventory units December 31, 2019 165 December 31, 2020, by purchase date December 2, 2020 165 July 20, 2020 50 215 During the year 2020, the following purchases and sales were made. Purchases Sales March 15 365 units at $ 28 April 10 265 July 20 365 units at 29 August 20 365 September 4 265 units at 32 November 18 215 December 2 165 units at 35 December 12 265 The company uses the periodic inventory method. (a1) Your answer is correct.

Sunrise company inventory records contained the following information regarding its latest Sunrise model. The  company uses  a periodic inventory system. Beginning inventory, January 1,2019                                     1,200 units @ OR 80 each Purchases:    January 15                                                                            2,000 units@ OR 95 each    January 21                                                                            1,600 units@ OR100 each Sales:   January 5                                                                               800 units   @ OR 120 each   January 22                                                                             1,600 units@ OR 130 each   January 29                                                                             800 units   @ OR 135 each Ending inventory, January 31, 2019 was 1,600 units   Required :  Compute COGS for January and ending the inventory using FIFO, LIFO and weighted average…

Practice Question. Below are the merchandise transactions of Yellow Company for the month of January 2019. January 1, 2019 Beginning Inventory, 3.000 units purchased at 6TL per unit. January 5, 2019 Purchased 3,000 units at 8TL per unit. January 10, 2019 Purchased 4,000 units at 12TL per unit. January 15, 2019 Sold 8.000 units for 15TL (sale price) per unit. January 20, 2019 Purchased 2.000 units at 13TL per unit January 25, 2019 Sold 3.000 units  for 17TL (sale price) per unit Required: Under Weighted Average Costing Method  Journalize the Transactions by preparing and Inventory Card.  Calculate Gross P/L and Cost of Ending Inventory.

ABC Co uses perpetual inventory system and Average Cost Method. The company's information for December 2021 is as follows: December 1- Beginning inventory value is $ 800 in total for 20 units of inventory. December 7- Sold 10 units $50 each. December 12- Purchased 15 units at the cost of $42 each. December 17- Sold 8 units $50 each. December 23-Sold 4 units $50 each. December 27- Purchased 8 units at the cost of $44 each. December 30- Sold 10 units $50 each. What amount should be recorded to COGS for the sale transaction on December 17? Select one: a. 630 O b. 329,60 O c. 431,20 O d. 164,80

Haresh

Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020: Beginning Inventory 124 units @ $50 per unit Purchases Purchase 1 on 3/11/20 75 units @ $52 per unit Purchase 2 on 10/18/20 94 units @ $54 per unit Sales Sale 1 on 3/15/20 110 units @ $79 per unit Sale 2 on 10/22/20 130 units @ $79 per unit All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 60 units from the 3/11/20 purchase and 70 units from the 10/18/20 purchase. Show how Mist's Balance Sheet and Income Statement would differ under each of the inventory cost flow assumptions. Compute Ending Inventory, COGS and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table. Specific Identification First-In, First-Out Last-In, First-Out Weighted Average Cost (round to 2 decimal places) 12/31/20 Balance Sheet Ending Inventory 2020 Income Statement Cost of Goods Sold Gross Profit

Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. Beginning inventory, January 1, 2024 1,150 units @ $80 each Purchases:     January 15 2,400 units @ $95 each January 21 2,200 units @ $100 each Sales:     January 5 1,100 units @ $120 each January 22 1,500 units @ $130 each January 29 950 units @ $135 each Ending inventory, January 31, 2024 2,200 units

Kingsley Company uses the periodic inventory system to account for its inventories. Here are Kingsley’s inventory records for January and February of 2020: Date                       Event              Quantity         Cost per Unit                Total Cost January 1 Inventory on hand     15 units              $10/unit                    $150         8                    Purchase                20 units              $11/unit                   $220 12                   Purchase                40 units              $12/unit                   $480 29                   Purchase                50 units              $13/unit                   $650      31                  Ending inventory    20 units                ?                                 ? February 8      Purchase              15unit                 $14/unit                    $210      15                    Purchase              40units               $15/unit                   $600 22                    Purchase…

XYZ Company Began the year 2020 with 600 units of products in its January 1 Inventory costingBD35 each. The following information from XYZ Company for the year 2020.Date Activities Units Acquired at Cost Units sold at retailJanuary 4 Purchase 1,000 units @ BD 33May 18 Sales 1,100 unitsJuly 10 Purchase 1,200 units @ BD 30November 20 Sales 900 unitsRequired:Assume the XYZ uses a perpetual inventory system (FIFO method), What is the value of the cost ofgoods sold.