The following is a record of Windsor Company's transactions for Boston Teapots for the month of May 2025. $22.00 $26.00 28 Purchase 432 units @ $29.00 May 1 12 Balance Purchase 432 units 648 units @ Ending inventory $ May 10 (1) FIFO 20 Sale $ Sale 324 units (2) LIFO 583 units Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 605 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? @ $41.00 $41.00

The units of an item available for sale during the year were as follows: Date Line Item Description Value Jan. 1   Inventory 2,900 units at $5 Feb. 17   Purchase 2,800 units at $7 Jul. 21   Purchase 3,200 units at $9 Nov. 23   Purchase 1,100 units at $11 There are 1,400 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.     a. Determine the inventory cost by the first-in, first-out method.                                                                                    b. Determine the inventory cost by the last-in, first-out method.                                                                                         c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar

s Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $41 per unit) e. Sale, July 3 (sold for $41 per unit) f. Operating expenses (excluding income tax expense), $18,100 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units Unit Cost 300 $ 13 900 11 800 14 300 620 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes…

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   $

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The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 122 April 15 Purchase 140 units at 116 September 9 Purchase 26 units at 122      There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)

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Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $47 per unit) e. Sale, July 3 (sold for $47 per unit) f. Operating expenses (excluding income tax expense), $18,700 Required: Units 300 Unit Cost $ 19 900 17 800 20 300 680 Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory $ 19,740 Cost of Goods Sold $ 17,260 $ 18,700