The annual inventory of the following information for 20 inch tires. Quantity Date Jan 11 Mar 20 Jol 11 Sep 11 Nov 13 Total available for Sale A 112.00 B120.00 C 152.00 с D 221.00 Bejining Inventory Purchase Purchase Purchase Purchase of Big Wheels INC. Shows K Answer ку 50 10 424 30 40 154 Cost Total 6.50 325 1 20.50 26.50 22.50 22.50 If 34 tires were on hand Dec 31 What is the Value of ending inventory using the LIfo method of Inventory pricing? 205 636 675 900 $2,741

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The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 3.

< Boxwood Company sells blankets for $33 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Blankets Units Date May 3 10 17 20 23 Purchase 30 Sale Purchase Sale Sale 21 8 40 Purchase 15 6 Cost 33 $20 Determine the gross profit for the sale of May 23 using the FIFO inventory costing method. a. $84 O b. $221 c. $114 O d. $259 $17 $19 2

urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.

Cost Flow Methods The following three identical units of Item P401C are purchased during April:   Item Beta   Units   Cost   April   2 Purchase   1   $100            15 Purchase   1   120            20 Purchase   1   140            Total     3   $360            Average cost per unit         $120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method.   Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6

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Sd Subject: acounting