Brinker, Inc. uses the perpetual inventory system. The following information is available for the month of July. Beginning inventory, July 1 is 1,000 units at $20 for $20,000, on July 9 Purchased 1,200 units at $23 for $27,600, on July 12 Sold 1,800 units, and on July 22 Purchased 800 units at $25 for $20,000. What is the Cost of Goods Sold amount using the FIFO inventory costing method at July 31?   A. $28,000 B. $39,600 C. $29,200 D. $38,400

Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Ending inventory Cost of goods sold Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. FIFO Units 1,980 LIFO 5,010 2,900 4,160 Unit Cost $ 6 Average Cost 8 9

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