Square9 Corporation provided the following information about one of its laptop computers: Number of Cost per Date 1/1 Transaction Units Unit Beginning Inventory 280 $580 5/5 Purchase 380 $630 8/10 Purchase 480 $680 10/15 Purchase 290 $730 During the year, Square9 sold 1,200 laptop computers. What was cost of goods sold using the FIFO cost flow assumption? Multiple Choice О $796,500 $777,000 $806,500 $772,000

E-Max sold 40 laptops during November and their purchases are given below. Calculate the cost of goods sold by E-Max using average cost method. Purchases No of Laptops Cost/Unit November 10 13 80 November 18 25 100 November 27 30 120 a. 2940 RO b. 4600 RO c. 4200 RO d. 3780 RO

A physical inventory of Liverpool Company taken at December 31 revesls the following. Per Unit Cost Market Item Car audio equipnent Speakers Units 346 $101 $189 Stereos 261 122 112 Amplifiers Subwoofers 327 97 186 205 63 53 Security equiprent Alarms 481 161 151 Locks 292 184 94 323 Cameras Binocular equipnent Tripods Stabilizers 213 333 186 85 95 171 105 116 Required: 1. Calculate the lower of cost or market for the inventory spplied separately to eoch item. 2. If the market smount is less than the recorded cost of the inventory, then record the LCM adjustment to the Merchandise Inventory account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the lower of cost or market for the inventory applied separately to each item. Per Unit Total LCM appled to: Individual Itema Item Unite Cost Market Cost Market Car audio equipment Speakers 346 S 101 109 Stereas 261 122 112 Amplifiers 327 97 106 Subwoofers 205 63 53 Security equipment Alarms 481…

! Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Sales Purchase Sales Purchase Sales Purchase Activities Beginning inventory Units Acquired at Cost Units Sold at Retail 120 units @ $2 = $ 240 94 units @ $ 8 174 units @ $3 = $ 522 140 units @ $ 8 170 units @ $4 = $ 680 134 units @ $ 8 52 units @ $5 $ 260 Totals 516 units 368 units 1,702 The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method.

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Waterway Frame Camera Shop uses the lower-of-cost-or-net realizable value basis for its inventory. The following data are available at December 31. Item   Units   Cost per Unit   Net RealizableValue per Unit Cameras:                      Minolta   8     $163     $155      Canon   10     154     156   Light Meters:                      Vivitar   20     121     110      Kodak   15     120     135

Glasgow Enterprises started the period with 80 units in beginning inventory that cost $7.50 each. During the period, the company purchased inventory items as follows: Purchase Number of Items Cost 1 200 $9.00 2 150 $9.30 3 50 $10.50 Glasgow sold 220 units after purchase 3 for $17.00 each. What is Glasgow's ending inventory under LIFO? Multiple Choice $2,220 $2,460 $1,950 $2,730

Whispering Company manufactures many products for use in the airline industry. Presented below is information concerning one of its products, the Orbit. Date 1/1 3/6 6/26 8/2 10/31 (a) (b) (c) Transaction (d) Beginning inventory Sale Purchase Purchase Sale Quantity Price/Cost 1,600 1,000 3,500 2,000 4,000 Compute cost of goods sold, assuming Whispering uses: (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) Periodic system, FIFO cost flow Perpetual system, FIFO cost flow Periodic system, LIFO cost flow Perpetual system, LIFO cost flow (e) Periodic system, average-cost flow $29 (f) Perpetual system, moving-average cost flow 51 31 32 53 $ $ $ $ $ $ Cost of goods sold

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