The following is a record of Pervis Ellison Company's transactions for Boston Teapots for the month of May 2020. May  1 Balance 400 units @ $20 May 10 Sale 300 units @ $38 12 Purchase 600 units @ $25 20 Sale 540 units @ $38 28 Purchase 400 units @ $30     Instructions a.    Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 560 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? b.    Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.

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Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 300 units. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 January 24 Units 200 340 Unit Cost $ 70 Total Cost $ 14,000 80 260 100 27,200 26,000 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold Weighted…

The following is a record of Blossom Company’s transactions for the month of May 2022. May 1   Balance 320 units @ $20   May 10   Sale 240 units @ $38   12   Purchase 480 units @ $25     20   Sale 430 units @ $38 (a)     Compute the ending inventory under the perpetual system using FIFO.     FIFO Ending inventory   $ 3250 (b)     Compute the ending inventory under the perpetual system using LIFO.     LIFO Ending inventory   $

Balamb Corporation had the following transactions for the month:   Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average

Opening and closing inventory balances and purchases for the month of October 2020 for Haadiyah Hearing Ltd are as follows:   Units Per unit Inventory, 1 October 7,000 $4.00 Purchase, 3 October 8,000 $4.10 Purchase, 15 October 11,000 $4.20 Purchase, 20 October 15,000 $4.25 Inventory, 31 October 20,000 -   Required: Determine the cost of goods sold for October under each of the following cost flow assumptions: FIFO Weighted average LIFO

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A company had the following inventory transactions during the month of January 2018. Receipts Jan. 1 500 units @ $20 each Jan. 5 1,000 units @ $30 each Jan 10 600 units @ $40 each Select one: Issues What is the weighted average unit cost of closing inventory to the nearest dollar? O a. $36 O b. $45 O c. $33 O d. $40 Jan. 8 1,200 units @ $50 each