Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs. March 5 March 13. 4,875 $8 6,825 @ $9 March 21 March 26 7,850 @ $10 5,800 @ $11 During March 21,000 units were sold. Swifty uses a periodic inventory system. Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement?

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ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units @ $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.

New Tech Cycles started October with 12 bicycles that cost $42 each. On October 16, New Tech purchased 40 bicycles at $68 each. On October 31, New Tech sold 28 bicycles for $99 each.   Requirements 1. Prepare New Tech ​Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account.

Swifty Distribution markets CDs of numerous performing artists. At the beginning of March, Swifty had in beginning inventory 3,900 CDs with a unit cost of $7. During March, Swifty made the following purchases of CDs. March 5 March 13 4,875 (a) 6,825 $8 $9 March 21 X Your answer is incorrect. March 26 During March 21,000 units were sold. Swifty uses a periodic inventory system. Determine the cost of goods available for sale. 7,850 @ $10 $11 Cost of goods available for sale $ 5,800 181725

Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique's CDs with a unit cost of $7. During October, Glee made the following purchases of Unique's CDs. Oct. 3 2,500 @ $8 Oct. 19 3,000 @ $10 Oct. 9 3,500 @ $9 Oct. 25 4,000 @ $11 During October, 10,900 units were sold. Glee uses a periodic inventory system. v (a) Determine the cost of goods available for sale. Cost of goods available for sale Open Show Work Click if you would like to Show Work for this question: LINK TO TEXT

The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180 per unit. During the year, the following purchases were made:     Units   Unit Cost Mar. 15   78   $181   July 20   62   180   Sept. 4   25   178   Dec. 2   10   173   At the end of the year, there were 35 units on hand. The Baby Store uses a periodic inventory system. (a) Determine the cost of goods available for sale. Cost of goods available for sale

GameGirl, Incorporated, has the following transactions during August.  August 6 Sold 60 handheld game devices for $150 each to DS Unlimited on account, terms 3/10, net 60. The cost of the 60 game devices sold was $130 each. August 10 DS Unlimited returned four game devices purchased on August 6 since they were defective. August 14 Received full amount due from DS Unlimited. Required:Prepare the transactions for GameGirl, Incorporated, assuming the company uses a perpetual inventory system. The items returned on August 10 were considered worthless to GameGirl and were discarded. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Date   Transactions Units   Unit Cost   Total Cost March 1   Beginning inventory   20     $ 175       $ 3,500     March 5   Sale ($250 each)   15                       March 9   Purchase   10       195         1,950     March 17   Sale ($300 each)   8                       March 22   Purchase   10       205         2,050     March 27   Sale ($325 each)   12                       March 30   Purchase   8       225         1,800                               $ 9,300       For the specific identification method, the March 5 sale consists of bikes from the beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from the beginning inventory and eight bikes from the March 22 purchase. Required: ***Only Ending…

Camino Jet Engines, Inc. Is a supplier of jet engine parts. The company began the most reecent Fiscal Year with inventory of 75 units. The units cost 8,500 each. The company uses a perpetual inventory system to account for inventory. The following transactions occurred during the year.                                  a. Purchases 50 additional units at a cost of $8,900 per unit. Terms of the purchases were 2/10, n/30, and payments was made within 10-days discount period. The company uses the gross method to record purchase discounts. The merchandise was purchased f.o.b shipping point. The company paid freight charges of $500 per unit                 b. 6 of the units purchased during the year were returned to the manufacturer for credit. The company were also given credit for the freight charges of $500 per unit it had paid on the original purchase. The units were defective and were returned two days after they were received                 c. Sales for the year totaled…