Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning Inventory and purchases durtng the fiscal year ended September 30, 20-2, are shown. Units Unit Price Total Cost October 1, 20-1 Beginning Inventory 400 $15.00 $6,000 1st purchase 16.50 4,950 October 18 300 November 25 2nd purchase 17.00 10,200 600 January 12, 20-2 3rd purchase 700 17.25 12,075 March 17 4th purchase B00 18.00 14,400 June 2 Sth purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the followtng Information for the specific ldentification method. There are 900 units of Inventory on hand on September 30, 20-2. of these 900 units: 1st purchase 50 are from October 18, 20-1 3rd purchase 300 are from January 12, 20-2 4th purchase 100 are from March 17 Sth purchase 200 are from June 2 6th purchase 50 are from August 21 7th purchase 200 are from September 27 Required: Calculate the total amount to be assigned to the cost of goods sold for the fiscal year ended September 30, 20-2, and ending Inventory on September 30, 20-2, under each of the following pertodic Inventory me Cost of Goods Sold Cost of Ending Inventory 1. FIFO 2. LIFO 3. Weighted-average 4. Specific identification JOUD

FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date    Transaction Numberof Units Per Unit Total Apr. 3   Inventory 42   $375   $15,750   8   Purchase 84   450   37,800   11   Sale 56   1,250   70,000   30   Sale 35   1,250   43,750   May 8   Purchase 70   500   35,000   10   Sale 42   1,250   52,500   19   Sale 21   1,250   26,250   28   Purchase 70   550   38,500   June 5   Sale 42   1,315   55,230   16   Sale 56   1,315   73,640   21   Purchase 126   600   75,600   28   Sale 63   1,315   82,845   Required: 1.  Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost…

Use the following information for questions 17-19 Maxwell Inc. uses the periodic inventory system. During its first year of operations, Maxwell made the following purchases, listed in chronological order of acquisition: 40 units at $100 per unit 70 units at $80 per unit 170 units at $60 per unit Sales for the year totaled 270 units. 17. Ending inventory using the average cost method (rounded) is: A. $650 B. $1,000 C. $707 D. $600

Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Date Line Item Description Units and Cost Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine 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. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Date PurchasesQuantity PurchasesUnit Cost PurchasesTotal Cost Cost of Goods SoldQuantity Cost of Goods SoldUnit Cost Cost of Goods SoldTotal Cost InventoryQuantity InventoryUnit Cost InventoryTotal Cost Jan. 1             fill in the blank 1 fill in the blank 2 fill in the blank 3 Mar. 18…

During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…