The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 100 units @ $4.15 First purchase @ May 7 300 units @ $4.55 Second purchase @ May 17 500 units @ $4.75 Third purchase @ May 23 100 units @ $4.95 Sales @ May 31 900 units @ $7.95 What is the amount of ending inventory assuming the FIFO cost flow method? Multiple Choice $415 $955 $455 $495

The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 second purchase on May 17 Third purchase on May 23 1,800 units @ $5.20 1,900 units @ $5.40 2,100 units @ $5.50 1,700 units @ $5.60 Sales on May 31 5,700 units @ $7.10 What is the weighted average cost per unit for May? Multiple Choice $5.37 $5.43

The following is the detail of the purchase and sale of inventory of a product of Simco Co. May 1 Beg. Inventory 60 units @ $220 May 2 Purchase 100 units @ $216 May 14 Purchase 50 units @ $224 May 22 Purchase 60 units @ $234 May 30 Sale 200 units Required: 1. Compute the cost of goods sold and cost of ending inventory for Simco Co. for May under the FIFO, LIFO, and weighted average cost assumptions. 2. Which method results in Simco Co. paying the least tax?

Use the Inventory Table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 42% gross profit on sales is realized and net sales are $1,451.52. Date of purchase Units purchased Cost per unitRetail price per unitBeginning inventory94$12$18 April 1224$8$11May 814$14$17 June 238$15$23The estimated cost of goods sold is $The estimated ending inventory is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)

UMET's Stores had the following inventory transactions in 2020:                       Transaction             Units          Cost per unit 1/1                 Balance                    50                      $6 2/14               Sale                          25                        5/23              Purchase                  100                     8 8/21              Sale                           50                      11/5              Purchase                   25                     12 11/18            Sale                           95                        Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average

Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: Date August 2 Activities Purchase Purchase Units Acquired at Cost 10 units @ $12 = $120 15 units @ $14 = $210 August 18 August 29 Sales Multiple Choice What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) $330.00 $148.00 $210.00 $150.50 Units Sold at Retail $158.40 12 units sold

Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory 400 units $12.00 = $4,800 8 Purchase 800 units @ $12.40 = 9,920 16 Purchase 600 units @ $12.80 = 7,680 24 Purchase 200 units @ $13.60 = 2,720 Total units and cost 2,000 units $25,120 (a) Determine the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. Ending inventory $

A company had the following purchases during the current year: January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory? ☐ $3,280. ○ $3,200. ○ $3,540. ☐ $3,445. ○ $3,640.

The inventory accounting records for Lee Enterprises contained the following data: Beginning inventory 400 units at $13 each Purchase 1, Feb. 26 2,300 units at $14 each Sale 1, March 9 2,500 units at $27 each Purchase 2, June 14 2,200 units at $15 each Sale 2, Sept. 22 2,100 units at $29 each Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) FIFO LIFO Average cost Cost of ending inventory Cost of goods sold