Williams Co. uses a periodic inventory system. The following are inventory transactions for the month of March:         3/1 Beginning Inventory 5,000 units at $2 3/7 Purchase 2,500 units at $3 3/16 Purchase 2,500 units at $4 3/26 Sales at $8 per unit 7,500 units     Williams uses the weighted average method to determine the value of its inventory. What amount should Williams report as cost of goods sold on the income statement for the month of January?

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here are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the FO and FIFO inventory cost systems. Enter the answer as a positive number.

Sunland Company uses a periodic inventory system. For October, when the company sold 1,730 units, the following information is available. Units Unit Cost Total Cost October 1 inventory 600 $ 18 $ 10,800 October 8 purchase 1,200 19 22,800 October 25 purchase 600 22 13,200 2,400 $ 46,800 Compute the October 31 inventory and the October cost of goods sold using the FIFO method. Ending inventory Cost of goods sold $ %24

The accounting records of Kingbird Electronics show the following data. Beginning inventory Purchases Sales 3,060 units at $7 7,140 units at $9. 8,590 units at $12 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and (c) the average-cost method. Cost of goods sold FIFO SA $ LIFO $ Average-cost $

The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. Transaction Units Cost per Unit January 1 Balance 185 $86 March 14 Sale 54 May 23 Purchase 136 90 August 21 Sale 100 November 5 Purchase 171 91 November 18 Sale 100 November 30 Sale 100 December 5 Sale 100 December 10 Purchase 25 95 Required: Compute the cost of goods sold and ending inventory using the perpetual inventory system for the LIFO cost flow assumption. Ending inventory Cost of goods sold

Park Company’s perpetual inventory records indicate the following transactions in the month of June:                                                                  1. Compute the cost of goods sold for June and the inventory at the end of June using each of the following cost flow assumptions:                              a. FIFO                                                                                                              b. LIFO                                                                                                              c. Average cost (Round unit costs to 3 decimal places and other amounts to the nearest dollar.)                                                                                         2. Next Level Why are the cost of goods sold and ending inventory amounts different for each of the three methods？what do these amounts tell us about the purchase price of inventory during the year?                      3. Next Level Which method produces…

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

Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Date Activities Units Acquired at Cost Units Cost per unit Total cost Units Units Sold at Retail Selling price per Total Sales January 01 Beginning inventory 205 $13.00 $2,665.00 January 10 January 20 January 25 Sales Purchase Sales 165 $22 $3,630.00 140 $12.00 $1,680.00 145 $22 $3,190.00 January 30 310 $11.50 655 Purchase Totals Notice that cost of goods sold, $3,917.22, plus ending inventory, $3,992.78, equals cost of goods available for sale, $7,910.00. Weighted Average Cost of Goods Sold $3,565.00 $7,910.00 310 $6,820.00 Inventory Balance Units Date Activities Cost per unit Cost of goods sold Units Cost per Total Cost January 01 Beginning inventory 205 unit $13.00 $2,665.00 January 10 Sales 165 $13.000 $2,145.00 40 $13.00 $520.00…

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