The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the un with the LOWER unit cost first in the Inventory Unit Cost column.

The following units of an item were available for sale during the year: Beginning inventory 8, 400 units at $160 Sale 4, 800 units at $300 First purchase 15,100 units at $165 Sale 13, 200 units at $ 300 Second purchase 15, 600 units at $174 Sale 13,700 units at $300 The firm uses the perpetual inventory system, and there are 7,400 units of the item on hand at the end of the year. 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. Open spreadsheet What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar. $ fill in the blank 2 What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar. $ fill in the blank 3 Feedback Area

company's inventory records show the following data for the month of July. Date July 1 July 5 July 10 July 20 July 25 July 1 Date Activities Beginning inventory Purchase Sale Purchase Sale July 5 Average cost July 5 July 10 July 20 200 units @ $50 If the company uses the weighted average method and the perpetual inventory system, what would be the cost of its ending inventory? Average cost July 20 July 25 Total July 25 Goods purchased Number of Cost per units unit 50 at $ 75.00 Units Acquired at Cost Units Sold at Retail 100 units @ $72 = $7,200 50 units @ $75 = $3,750 225 at $ 77.00 225 units @ $77 = $17,325 Number of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit 75 at $ 50.00 = 200 at $ 50.00 $ 75 units @ $50 $ $ 3,750.00 10,000.00 10,000.00 Number of units 100 at Inventory Balance 100 at 50 at 150 at Cost per unit Inventory Balance 7,200.00 7,200.00 3,750.00 10,950.00 $ 175 at $ $ $ 75 at 150 at 225 at $ 375 at $ 50.00 = $ +73.00 = 77.00 = 75.40 75.00 = 55 72.00 = $…

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)

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, 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 Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each). c. Purchase, May 1 d. Sale, August 31 ($100 each) Units Unit Cost 1,500 $ 40 2,900 52 (1,150) 1,600 (1,600) 70 Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: a. Last-in, first-out. b. Weighted average cost. c. First-in, first-out. d.…

ces Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities January 1 Beginning inventory February 10 Purchase March 13 Purchase March 15 Sales August 21 Purchase September 5 Purchase September 10 Sales Totals Units Acquired at Cost Units Sold at Retail 685 units @$45.00 per unit 570 units @ $42.00 per unit 285 units @ $27.00 per unit 1,140 units @ $75.00 per unit 185 units 585 units @ $50.00 per unit @ $46.00 per unit 2,310 units 770 units @ $75.00 per unit 1,910 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 2. Compute the number of units in ending inventory. Ending inventory units units

Dineshbhai

Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system: Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 Ending inventory Purchases Sales Number of Units Unit Cost Number of Units 570 $3.90 $4.00 $4.00 670 Gross profit 670 370 370 Sales Price Required: 1. Compute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) $5.40 $5.40 2. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.)

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The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Date Transaction Number of units Per unit ($) Total ($) April 3 Inventory 25 1.200 30.000   8 Purchase 75 1.240 93.000   11 Sale 40 2.000 80.000   30 Sale 30 2.000 60.000 May 8 Purchase 60 1.260 76.500   10 Sale 50 2.000 100.000   19 Sale 20 2.000 40.000   28 Purchase 80 1.260 100.800 June 5 Sale 40 2.250 90.000   16 Sale 25 2.250 56.250   21 Purchase 35 1.264 44.240   28 Sale 44 2.250 99.000 Instructions1. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the first-in, first-out method and the periodic inventory system.2. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the last-in, first-out method and the periodic inventory system.3. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period,…