Vegas uses the periodic inventory system. For the current month, the beginning inventory consisted of 1,200 units that cost $12 each. During the month, the company made two purchases: 500 units at $13 each and 2,000 units at $13.50 each. Vegas also sold 2,150 units during the month. Using the average cost method, what is the amount of cost of goods sold for the month?

A company uses the retail method to estimate inventories. The following information is for the first six months of the current year: beginning inventory at cost and retail were $70,000 and $100,000 respectively, net purchases at cost and retail were $270,000 and $360,000, respectively, and sales during the first six months totaled $320,000. What is the estimated cost of goods sold at the end of the six-month period using the LIFO retail method?

In its first month of operations, Bramble Corp. made three purchases of merchandise in the following sequence: (1) 240 units at $4, (2) 340 units at $6, and (3) 440 units at $7. Assuming there are 140 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Bramble Corp. uses a periodic inventory system. FIFO LIFO The Ending Inventory $Enter a dollar amount $Enter a dollar amount

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 280 units. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 Units Unit Cost 120 $ 85 Total Cost $ 10,200 380 95 January 24 200 115 36,100 23,000 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted…

Balamb Corporation had the following transactions for the month:   Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average

A company had beginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at $28 each. On March 6 it purchased 5 units at $22 each. On March 8, it sold 26 units for $65 each. Using the FIFO perpetual inventory method, what was the cost of the 26 units sold?

Kiwi Ltd. started April with 90 units in inventory costing $16 each. Kiwi Ltd., which uses a perpetual inventory system, had the following inventory transactions in April:                 Purchases              Sales                           Units            Unit Cost Units Selling Price/Unit             4  Purchase 300                     18     12 Sale        240 $32 21 Purchase 100                     24     29 Sale        165 $35 Instructions Using the FIFO cost formula, calculate the cost of goods sold for the month ended April Show calculations in the table below. Using the average cost formula, calculate the ending inventory at April 30. Show calculations in the table on the next page. Round to two decimals for all calculations. Use the ROUNDED values in your calculations.   (a)   Perpetual Inventory Record––FIFO     PURCHASES COST OF GOODS SOLD INVENTORY ON HAND DA TE…

Zonkey Enterprises uses LIFO with a periodic inventory system to keep track of its inventory. It began the year with 100 units that cost $10 each. It made the following purchases: January 7, 100 for $12 each; January 22, 100 for $13 each. During the month it sold 120 units. How much ending inventory should be reported on the balance sheet, COGS on the January income statement, and cost of goods available for sale during the month? How is ending inventory being calculated?

Red Company has beginning inventory of 22 units at a cost of $12.00 each on May 1. On May 5, it purchases 9 units at $14.00 per unit. On May 12 it purchases 25 units at $15.00 per unit. On May 15, it sells 39 units for $32 each. Using the FIFO perpetual inventory method, what is the value of the inventory on May 15 after the sale?

Please help me