Hh1.Account During the year, Rosenberg Incorporated has the following inventory transactions.Number ofUnits26313636129DateJanuary 1March 4June 9November 11TransactionBeginning inventoryPurchasePurchasePurchaseBeginning InventoryPurchases:March 04June 09November 11TotalFor the entire year, the company sells 99 units of inventory for $36 each.Required:1-a & b. Using FIFO, calculate ending inventory and cost of goods sold.1-c & d. Using FIFO, calculate sales revenue and gross profit.2-a & b. Using LIFO, calculate ending inventory and cost of goods sold.2-c& d. Using LIFO, calculate sales revenue and gross profit.3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold.3-c & d. Using weighted-average cost, calculate sales revenue and gross profit.4. Determine which method will result in higher profitability when inventory costs are declining.Complete this question by entering your answers in the tabs below.Req 1a and b Req 1c and d Req Za and b Req 2c and d Req 3a and b Req 3c and dUsing FIFO, calculate ending inventory and cost of goods sold.FIFOCost of Goods Available for SaleCost ofGoodsAvailablefor SaleNumber Cost perof units unit26 $31 $36 $36 $12928 $272624$7288379368643,365Unit TotalCont$728837Cost$28272624SCost of Goods SoldNumber Cost perof units unitReq 18 and b936864$3,365$ 27$ 26$24Cost ofGoodsSold$ 28 $0000Req 4Ending InventoryNumber Cost Endingof units per unit InventoryReq 10 and d >

Name: Hh1.Account During the year, Rosenberg Incorporated has the following
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Description: Hh1.Account During the year, Rosenberg Incorporated has the following inventory transactions.Number ofUnits26313636129DateJanuary 1March 4June 9November 11TransactionBeginning inventoryPurchasePurchasePurchaseBeginning InventoryPurchases:March 04June

FIFO stands for First in first out. The older inventory is sold first using FIFO method.

Business

Accounting

During the year, Rosenberg Incorporated has the following inventory transactions. Number of Unit Cost $28 27 Transaction Beginning inventory Purchase Purchase November 11 Purchase Date January 1 March 4 June 9 Units 26 31 36 36 129 26 24 For the entire year, the company sells 99 units of inventory for $36 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. Total Cont $728 837 936 864 $3,365

During the year, Rosenberg Incorporated has the following inventory transactions. Number of Unit Cost $28 27 Transaction Beginning inventory Purchase Purchase November 11 Purchase Date January 1 March 4 June 9 Units 26 31 36 36 129 26 24 For the entire year, the company sells 99 units of inventory for $36 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold. Total Cont $728 837 936 864 $3,365

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 51E: Inventory Costing Methods On June 1, Welding Products Company had a beginning inventory of 210 cases...

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Inventory Costing Methods On June 1, Welding Products Company had a beginning inventory of 210 cases of welding rods that had been purchased for S88 per case. Welding Products purchased 1,150 cases at a cost of $95 per case on June 3. On June 19, the company purchased another 950 cases at a cost of $112 per case. Sales data for the welding rods are: Welding Products uses a perpetual inventory system, and the sales price of the welding rods was $130 per case. Required: 1. Compute the cost of ending inventory and cost of goods sold using the FIFO method. 2. Compute the cost of ending inventory and cost of goods sold using the LIFO method. 3. Compute the cost of ending inventory and cost of goods sold using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 4. CONCEPTUAL CONNECTION Assume that operating expenses are $21,600 and Welding Products has a 30% tax rate. How much will the cash paid for income taxes differ among the three inventory methods? 5. CONCEPTUAL CONNECTION Compute Welding Products' gross profit ratio (rounded to two decimal places) and inventory turnover ratio (rounded to three decimal places) under each of the three inventory costing methods. How would the choice of inventory costing method affect these ratios?
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