Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units 320 units at $23 $25 at Sept. 4 Dec. 2 350 units 100 units at $27 at $29 Waterway Company uses a periodic inventory system. Sales totaled 1,180 units.

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 Units Unit Cost Beginning inventory, January 1   3,100   $ 55   Transactions during the year:             a. Purchase, January 30   4,850     66   b. Sale, March 14 ($100 each)   (3,000 )       c. Purchase, May 1   3,550     85   d. Sale, August 31 ($100 each)   (3,600 )         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. Assume that the sale of August 31 was selected from the remainder of the…

Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 510 units—170 from each of the last three purchases. January 1 Beginning inventory 270 units @ $4.80 = $ 1,296 March 7 Purchase 580 units @ $5.75 = 3,335 July 28 Purchase 1,220 units @ $5.30 = 6,466 October 3 Purchase 1,100 units @ $5.60 = 6,160 December 19 Purchase 600 units @ $5.80 = 3,480   Totals 3,770 units     $ 20,737 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the highest net income?

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

The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold

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

Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:       Quantity Unit Cost Total Cost Beginning inventory (Jan. 1)   23   $ 14   $ 322   Purchase (Jan. 11)   15   $ 20     300   Purchase (Jan. 20)   26   $ 22     572   Total   64         $ 1,194         On January 14, Beech Soda, Inc. sold 28 units of this product. The other 36 units remained in inventory at January 31.   Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140 units. Units Unit Cost Beginning inventory on January 1 300 $ 2.80 Purchase on January 9 70 3.00 Purchase on January 25 100 3.14 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.

The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance 2. Use the moving weighted average method to calculate the cost of goods sold for each sale. the lutal cost ol goods sold for the month, and ending inventory. 3. Assuming that the March 12 sale came from beginning inventory, and the March 25 sale was comprised of 25 units from beginning inventory, all 60 units of the March 5 purchase, and the temainder from the March 18 purchase, use specific…