Thraya Industries had the following transactions in the month of March. Thraya uses a perpetual inventory system to account for its inventory transactions. All sales and purchases are on account. Date   Units Unit Cost Unit Sales Price Mar. 1 Beginning inventory 2,000 litres $6.15/l   Mar. 3 Purchase 2,500 litres $6.21/l   Mar. 5 Sale 2,300 litres   $10.50/l Mar. 10 Purchase 4,000 litres $6.72/l   Mar. 20 Purchase 2,500 litres $6.94/l   Mar. 30 Sale 5,200 litres   $12.50/l   Calculate the cost of goods sold, ending inventory, and gross profit for March using the weighted average (WA) method. Round the per-unit cost to two decimal places. Prepare journal entries to record the purchases and sales from parts B and C. Assume all purchases and sales are made on account. Answer the following questions for management. Which inventory method (FIFO or WA) produces the more meaningful inventory amount for the balance sheet? Why? Which inventory method (FIFO or WA) produces the more meaningful cost of goods sold amount for the income statement? Why? Which inventory method (specific identification, FIFO, or WA) is more likely to approximate the actual physical flow of goods? Why? Based on your calculations in A, B, and C, which method produced the highest profit?

Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 72 units at a cost of $ 6 per unit. During April, the following purchases and sales were made. Purchases April 7   62   units at $ 7.00 13   124   units at $ 8.00 23   94   units at $ 9.00 29   52   units at $ 10.00     332       Sales April 5   124   units at $ 20 11   94   units at $ 20 20   84   units at $ 20 30   42   units at $ 20     344     Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 1,525.)

Marigold Company uses a perpetual inventory system. Its beginning inventory consists of 60 units that cost $41 each. During June, (1) the company purchased 180 units at $41 each on account, (2) returned 7 units for credit, and (3) sold 150 units at $60 each on account. Journalize the June transactions

Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 100 $5 $ 500 12 Purchases 365 6 2,190 23 Purchases 210 7 1,470 30 Inventory 250

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 Purchases Sales Number of Units Unit Cost 560 Number of Units Sales Price $3.70 360 $5.20 660 $3.80 360 $5.20 660 $3.80 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.) Answer is complete and correct. Ending inventory $ 4,396.40 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.) Answer is complete and correct. Gross profit $ 1,064.00

Perpetual FIFO Perpetual LIFO Weighted Average Specific Identification Compute the cost assigned to ending Inventory using FIFO. Note: Round your average cost per unit to 2 decimal places. Perpetual FIFO: Cost of Goods Sold Goods Purchased Date # of units Cost per unit # of units sold January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 Inventory Balance Cost per Cost of Goods Sold Cost per # of units unit 630 at unit Inventory Balance $50.00 = $31,500.00

Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 ) Periodic FIFO Beginning inventory Purchases. March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Total Purchase Purchase Sales Totals b) Periodic LIFO For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. # of units oblem 6-2AA (Algo) Part 3 Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. ote: Round your "average cost per unit" to 2 decimal places. Cost of Goods Available for Sale Cost of Goods Available for Sale $ 5,750 115 $ Cost per unit 680 415 $ 55.00 150 $ 60.00 Units Acquired at Cost 115 units $50 per unit @$55 per unit 415 units 50.00 # of units 150 units…

The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.    Date Activities Units Acquired at Cost Units Sold at Retail   Mar. 1   Beginning inventory   190 units @ $52.80 per unit           Mar. 5   Purchase   270 units @ $57.80 per unit           Mar. 9   Sales           350 units @ $87.80 per unit   Mar. 18   Purchase   130 units @ $62.80 per unit           Mar. 25   Purchase   240 units @ $64.80 per unit           Mar. 29   Sales           220 units @ $97.80 per unit         Totals   830 units     570 units       Compute cost of goods available for sale and the number of units available for sale.

Morgenstern Ltd. has the following units and costs for the month of April. 1. Beginning inventory, April 1, 1,000 units at $20 (Cost) 2. Purchase 1, April 9, 1,200 units at $23 (cost) 3. Sold, April 12, 2,100 units at $40 (Retail) 4. Purchase 2, April 22, 800 units at $25 (Cost) If Morgenstern uses a perpetual inventory system, what is the cost of ending inventory under weighted average at April 30? (Note: Use four decimal places for per-unit calculations and round to the nearest dollar.) Oa. $20,280 Ob. $22,164 Oc. $$45,436 Od. $47,320

Thraya Industries had the following transactions in the month of March. Thraya uses a perpetual inventory system to account for its inventory transactions. All sales and purchases are on account. Date   Units Unit Cost Unit Sales Price Mar. 1 Beginning inventory 2,000 litres $6.15/l   Mar. 3 Purchase 2,500 litres $6.21/l   Mar. 5 Sale 2,300 litres   $10.50/l Mar. 10 Purchase 4,000 litres $6.72/l   Mar. 20 Purchase 2,500 litres $6.94/l   Mar. 30 Sale 5,200 litres   $12.50/l   Calculate the cost of goods sold, ending inventory, and gross profit for March using the weighted average (WA) method. Round the per-unit cost to two decimal places. Prepare journal entries to record the purchases and sales. Assume all purchases and sales are made on account.