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Calculate cost of goods sold using: Sald 0 5०० 1) FIFO 2) Weighted-average cost 3) LIFO Edns Intr 20 4) Heinrich Company, which uses a periodic inventory system, imports and sells a product produced in Germany. In the summer of 2018, a natural disaster disrupted production, affecting its supply of product. Heinrich uses the LIFO inventory method. On January 1, 2019, Heinrich's inventory records were as follows: Year purchased Quantity (units) Cost per unit Total cost 2017 2,500 $20 $ 50,000 4,500 Z000 2018 $40 180,000 Total $230,000 Through mid-December of 2019, purchases were limited to 50,000 units, because the cost had increased to $50 per unit. Heinrich sold 55,000 units during 2019 at a selling price of $100 per unit, which significantly depleted its inventory. The cost was expected to drop to $42 per unit by early January 2020. 1) Assume that Heinrich makes no further purchases during 2019. Compute the gross profit for 2019 2) Assume that Heinrich purchases 8,800 units before the end of December 2019 at $50 each. Compute its gross profit for 2019. ) At the beginning of the current period, Viraat Industries, which uses a periodic inventory system, has 150 units of a product with a unit cost of $480. The inventory records report the following transactions: Units Unit Cost Cost $72,000 79,200 Beginning Inventory 150 $480 Purchase #1 150 $528 39,900 18,900 $210,000 Purchase #2 70 $570 Purchase #3 30 $630 400

Calculate cost of goods sold using: Sald 0 5०० 1) FIFO 2) Weighted-average cost 3) LIFO Edns Intr 20 4) Heinrich Company, which uses a periodic inventory system, imports and sells a product produced in Germany. In the summer of 2018, a natural disaster disrupted production, affecting its supply of product. Heinrich uses the LIFO inventory method. On January 1, 2019, Heinrich's inventory records were as follows: Year purchased Quantity (units) Cost per unit Total cost 2017 2,500 $20 $ 50,000 4,500 Z000 2018 $40 180,000 Total $230,000 Through mid-December of 2019, purchases were limited to 50,000 units, because the cost had increased to $50 per unit. Heinrich sold 55,000 units during 2019 at a selling price of $100 per unit, which significantly depleted its inventory. The cost was expected to drop to $42 per unit by early January 2020. 1) Assume that Heinrich makes no further purchases during 2019. Compute the gross profit for 2019 2) Assume that Heinrich purchases 8,800 units before the end of December 2019 at $50 each. Compute its gross profit for 2019. ) At the beginning of the current period, Viraat Industries, which uses a periodic inventory system, has 150 units of a product with a unit cost of $480. The inventory records report the following transactions: Units Unit Cost Cost $72,000 79,200 Beginning Inventory 150 $480 Purchase #1 150 $528 39,900 18,900 $210,000 Purchase #2 70 $570 Purchase #3 30 $630 400

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10P: LIFO and Inventory Pools On January 1, 2016, Grover Company changed its inventory cost flow method...
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Can you help with practice problem number 4 .1 and 4.2

Calculate cost of goods sold using: Sald 0 5०० 1) FIFO 2) Weighted-average cost 3) LIFO Edns Intr 20 4) Heinrich Company, which uses a periodic inventory system, imports and sells a product produced in Germany. In the summer of 2018, a natural disaster disrupted production, affecting its supply of product. Heinrich uses the LIFO inventory method. On January 1, 2019, Heinrich's inventory records were as follows: Year purchased Quantity (units) Cost per unit Total cost 2017 2,500 $20 $ 50,000 4,500 Z000 2018 $40 180,000 Total $230,000 Through mid-December of 2019, purchases were limited to 50,000 units, because the cost had increased to $50 per unit. Heinrich sold 55,000 units during 2019 at a selling price of $100 per unit, which significantly depleted its inventory. The cost was expected to drop to $42 per unit by early January 2020. 1) Assume that Heinrich makes no further purchases during 2019. Compute the gross profit for 2019 2) Assume that Heinrich purchases 8,800 units before the end of December 2019 at $50 each. Compute its gross profit for 2019. ) At the beginning of the current period, Viraat Industries, which uses a periodic inventory system, has 150 units of a product with a unit cost of $480. The inventory records report the following transactions: Units Unit Cost Cost $72,000 79,200 Beginning Inventory 150 $480 Purchase #1 150 $528 39,900 18,900 $210,000 Purchase #2 70 $570 Purchase #3 30 $630 400
Transcribed Image Text:Calculate cost of goods sold using: Sald 0 5०० 1) FIFO 2) Weighted-average cost 3) LIFO Edns Intr 20 4) Heinrich Company, which uses a periodic inventory system, imports and sells a product produced in Germany. In the summer of 2018, a natural disaster disrupted production, affecting its supply of product. Heinrich uses the LIFO inventory method. On January 1, 2019, Heinrich's inventory records were as follows: Year purchased Quantity (units) Cost per unit Total cost 2017 2,500 $20 $ 50,000 4,500 Z000 2018 $40 180,000 Total $230,000 Through mid-December of 2019, purchases were limited to 50,000 units, because the cost had increased to $50 per unit. Heinrich sold 55,000 units during 2019 at a selling price of $100 per unit, which significantly depleted its inventory. The cost was expected to drop to $42 per unit by early January 2020. 1) Assume that Heinrich makes no further purchases during 2019. Compute the gross profit for 2019 2) Assume that Heinrich purchases 8,800 units before the end of December 2019 at $50 each. Compute its gross profit for 2019. ) At the beginning of the current period, Viraat Industries, which uses a periodic inventory system, has 150 units of a product with a unit cost of $480. The inventory records report the following transactions: Units Unit Cost Cost $72,000 79,200 Beginning Inventory 150 $480 Purchase #1 150 $528 39,900 18,900 $210,000 Purchase #2 70 $570 Purchase #3 30 $630 400
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