Using LIFO, what is the ending balance in inventory? Date 1/1/2011 Beginning Inventory 2/1/2011 Purchase 3/1/2011 Purchase Total Goods Available for Sale $4,800 O $8,400 $9,100 Source O $8,159 Units sold Units Purchased 1000 700 1,500 3,200 2500 Cost Per Unit $13 $9 $12 $20 Total Cost $13,000 $6,300 $18,000 $37,300

Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021                       # Units Cost Sale price 01-Oct Opening Inventory 500 $10,000.00   04-Oct Sales   100   $4,000.00 07-Oct Purchase   300 $6,300.00   11-Oct Sales   225   $9,225.00 15-Oct Purchase   350 $6,650.00   17-Oct Sales   175   $6,650.00 18-Oct Sales   275   $10,725.00             Using FIFO, provide Closing Inventory         Question 5 options:   7565.23   7415.65   7433.44   7395.58

Periodic Inventory System Company A $ 520,000 Company B Beginning inventory + Net Purchases 327,000 TOTAL GOODS AVAILABLE TO SELL 685,000 750,000 (Ending Inventory) 290,000 Cost of Goods Sold $ 615,000 For Company A determine Net Purchases and Cost of Goods Sold. For Company B determine Beginning Inventory and Ending Inventory. Company A: Net purchases 4 and Cost of goods sold type your answer. Company B: Beginning inventory type your answer... and Ending inventory type your answer.

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Given the following:    Numberpurchased Costper unit Total January 1 inventory   32     $ 4     $ 128   April 1   52       6       312   June 1   42       7       294   November 1   47       8       376       173             $ 1,110      a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units).     b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).

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FIFO inventory assumptions: Beginning inventory of 10 units @ $5 = $50 Purchases month #1 of 10 units @ $10 = $100 Purchases month #2 of 10 units @ $15 = $150 Cost of goods available for sale (subtotal) = $300 Less ending inventory of 10 units Equals cost of goods sold (also known as cost of sales) Under the FIFO inventory method, calculate the cost of goods sold or cost of sales. Using your computation of FIFO cost of goods sold, and further assuming sales equal $500 and operating expenses equal $50, what is the gross profit amount?