Your company had the following chronological inventory transactions during 2019 and 2020: 2019 Beginning Inventory 20 units cost = $20.00 per unit Purchased 80 units cost = $21.00 per unit Sold 77 units selling price = $45.00 per unit Purchased 60 units cost = $21.60 per unit Sold 61 units selling price = $46.00 per unit Purchased 15 units cost = $22.00 per unit Ending Inventory 37 units 2020 Beginning Inventory 37 units ending inventory from 2019 Purchased 90 units cost = $22.40 per unit Sold 86 units selling price = $47.00 per unit Purchased 72 units cost = $23.00 per unit Sold 74 units selling price = $48.00 per unit Ending Inventory 39 units INSTRUCTIONS: A. Calculate the value of Ending Inventory which would appear on the balance sheet for EACH year using each of the following methods. Please show your work for the 37 units of 2019 and your work for the 39 units of 2020. Round all costs per unit to two decimals and show your final answer to the nearest penny. 1. Periodic FIFO for 2019 and then for 2020 2. Periodic LIFO for 2019 and then for 2020 3. Periodic Average for 2019 and then for 2020 4. Perpetual FIFO for 2019 and then for 2020 5. Perpetual LIFO for 2019 and then for 2020 6. Perpetual Average for 2019 ONLY (because this takes too long for two years)

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…

What is the weighted average unit cost using the following information? Beginning Inventory 11/1: 1,000 units at $25 per unit Purchase 11/10: 2,500 units at $30 per unit Purchase 11/15: 1,500 units at $20 per unit Sold 11/25: 2,500 units for $50 each $25.00 $26.00 $30.00 $36.00

Coney Island Inc. had the following operating transactions during January 2020, its first month of operations. Date                                 Transaction 1/1 Purchased 2 units of inventory costing $4 each on credit 1/3 Purchased 3 units of inventory costing $5 each on credit 1/10 Purchased 4 units of inventory costing $6 each on credit 1/21 Paid for the January 1 purchase 1/23 Paid for the January 3 purchase 1/30 Sold 7 units of inventory at $10 each on credit 1/30 Matched the inventory cost to January 30 on a FIFO basis 1/31 Estimated that 10% of credit sales will not be realized in cash   Record the above transactions in Coney Island’s journal Present Coney’s income statement through gross profit for January 2020

Current Attempt in Progress Marigold Corp. had 290 units of product A on hand at January 1, 2020, costing $19 each. Purchases of product A during January were as follows: Date Units Unit Cost Jan. 10 380 $20 18 540 21 28 180 22 A physical count on January 31, 2020 shows 410 units of product A on hand. The cost of the inventory at January 31, 2020 under the LIFO method is O $7910. O $7610. O $8790. O $8310. Save for Later Attempts: 0 of 2 used Submit Answer