Wildhorse Company was formed in 2016 and maintains its books and records on calendar-year basis. The following information is available from Wildhorse’s inventory records for Zhao’s only product, the XL5500.     Units   Unit Cost January 1, 2017 (beginning inventory)   1,000   $77 Purchases            January 8, 2017   300   78    January 23, 2017   1,100   78.25    February 9, 2017   400   82    February 25, 2017   750   84 A physical inventory on February 28, 2017, shows 1,250 units on hand. Prepare schedule to compute the ending inventory at February 28, 2017, under FIFO inventory method. (Round unit costs to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 5,272.) WILDHORSE Company COMPUTATION OF INVENTORY FOR PRODUCT XL5500 UNDER FIFO INVENTORY METHOD choose the accounting period                                                                            Units   Unit Cost   Total Cost select an opening name                                                                          enter a dollar amount   $enter a dollar amount    $enter a dollar amount  select an item                                                                          enter a dollar amount   enter a dollar amount   enter a dollar amount select an item                                                                          enter a dollar amount   enter a dollar amount   enter a dollar amount select a closing name                                                                          enter a total amount       $enter a total amount

The following is a record of Larkspur Company’s transactions for Boston Teapots for the month of May 2017. May 1   Balance   476 units  @  $20   May 10   Sale   357 units  @  $37 12   Purchase   714 units  @  $27   20   Sale   643 units  @  $37 28   Purchase   476 units  @  $31                          Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 666 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO?     (1)FIFO   (2)LIFO Ending Inventory   $     $       LINK TO TEXT       Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.     (1)FIFO   (2)LIFO Ending Inventory   $     $       Click if you would like to Show Work for this question: Open Show Work

Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 1: Inventory, December 31, 2014 For the year 2015: Purchase, March 21 Purchase, August 1 Inventory, December 31, 2015 Ending inventory Cost of goods sold Units Unit Cost 1,820 $4 FIFO 5,010 2,880 4,120 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) 6 LIFO Average Cost

Precision Company uses the perpetual inventory method. It has provided the following inventory information for the month of May 2014: May 1 On hand, 20 units @ $25.00 each  May 8 Purchased 100 units @ $34.60 each  May 15 Sold 90 units @ $120.00 each  May 24 Purchased 75 units @ $40.00 each  May 29 Sold 65 units @ $130.00 each   Determine Precision Company’s Cost of Ending Inventory for May 2014 using Weighted Average method. answer is :1520 explain how to get to this number

Marietta Company began operations early in 2017. The below information relates to inventory it purchased for its only product for the quarter ended March 31, 2017. The units costs provided include the cost of freight. The unit costs include the freight-in expenses. Marietta uses a periodic inventory system Date of Purchases Units Unit Cost Total Cost January 6   15,000 $6.00 $ 90,000 February 15 36,000   6.75   243,000 March 21 51,000   7.5   382,500 Totals 102,000   $ 715,500   Marietta sold 60,000 units at $14.00 per unit during the period. Ending inventory on hand amounted to 42,000 units. REQUIRED: Calculate Asman’s gross profit ratio for the first quarter using: FIFO LIFO

Mist Company uses a PERIODIC inventory system. Mist had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (purchased in 2020)   Purchases:   60 units @ $20 per unit   Purchase 1 on 3/8/21   140 units @ $28 per unit Purchase 2 on 8/5/21   50 units @ $32 per unit       Sales:     Sale 1 on 5/8/21   80 units @ $90 per unit Sale 2 on 9/13/21   125 units @ $90 per unit              Of the items sold on 5/8/2021, 60 units were from the beginning inventory and 20 units were from 3/8/21 purchase. The 9/13/21 sale included 85 units from the 3/8/21 purchase and 40 units from the 8/5/21 purchase.    Show how Mist's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions.  Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per…

Romanoff Industries had the following inventory transactions occur during 2013:       Units Cost/unit 2/1/13 Purchase 18 $45 3/14/13 Purchase 31 $47 5/1/13 Purchase 22 $49 The company sold 50 units at $70 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? a. $1,106 b. $1,184 c. $2,316 d. $2,394

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Beech Soda, Incorporated 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 (January 1) 24 $ 19 $ 456 Purchase (January 11) 20 $ 25 500 Purchase (January 20) 31 $ 27 837 Total 75   $ 1,793   On January 14, Beech Soda, Incorporated sold 33 units of this product. The other 42 units remained in inventory at January 31.   i) Assuming that Beech Soda uses the first-in, first-out (FIFO) cost flow assumption:   The cost of goods sold to be recorded at January 14 is:            $_______________________________     The cost of ending inventory at January 31 is:            $ _____________________________         ii). Assuming that Beech Soda uses the Last-in, first-out (LIFO) cost flow assumption:   The cost of goods sold to be recorded at January 14 is:…