Instructions: Please DO NOT Excel. Please provide detailed explanations on how you got your answer. Calculate the average cost.cost of goods available for sale: 6,424 Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Hergoals for the next 11 months are to sell one mixer per month and to give two to three classes per week.The cost of the fine European mixers is expected to increase. Natalie has just negotiated new terms with Kzinski that include shippingcosts in the negotiated purchase price (mixers will be shipped FOB destination), but the supplier cannot guarantee the invoice price.Natalie has decided to use a periodic inventory system and now must choose a cost flow assumption for her mixer inventory.The following transactions occur in February to May 2021.Feb. 21625Mar. 23031Apr. 11330May 427Natalie buys two deluxe mixers on account from Kzinski Supply Co. for $1,150 ($575 each), FOB destination, terms n/30.She sells one deluxe mixer for $1,100 cash.She pays the amount owed to Kzinski.She buys one deluxe mixer on account from Kzinski Supply Co. for $592, FOB destination, terms n/30.Natalie sells two deluxe mixers for a total of $2,200 cash.She pays the amount owed to Kzinski.She buys two deluxe mixers on account from Kzinski Supply Co. for $1,172 ($586 each), FOB destination, terms n/30.She sells three deluxe mixers for a total of $3,300 cash.Natalie pays the amount owed to Kzinski.She buys three deluxe mixers on account from Kzinski Supply Co. for $1,800 ($600 each), FOB destination, terms n/30.She sells one deluxe mixer for $1,100 cash. Calculate (i) ending inventory. (ii) cost of goods sold. (iii) gross profit, and (iv) gross profit rate under each of the following methods:LIFO, FIFO, and average cost. (Round Gross profit rate to 2 decimal places, e.g. 25.22%.)EndinginventoryCost ofgoods soldGross profitGross profitrate69$LIFO2,2854,1393,56146.25 %60$19460FIFO2,3864,0383,66247.56%696969Average Cost5894,1253,57546.43%

Answered: Natalie is busy est for

Business

Accounting

Natalie is busy est for

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter10: Short-term Decision Making

Section: Chapter Questions

Problem 4EB: Dimitri Designs has capacity to produce 30,000 desk chairs per year and is currently selling all...

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Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Her goals for the next 11 months are to sell one mixer per month and to give two to three classes per week.The cost of the fine European mixers is expected to increase. Natalie has just negotiated new terms with Wildhorse that include shipping costs in the negotiated purchase price (mixers will be shipped FOB destination from the supplier to Natalie.) Assume that Natalie has now decided to use a periodic inventory system and now must choose a cost flow assumption for her mixer inventory.Inventory as on January 31, 2023 represents three mixer purchased at a unit cost of $776.The following transactions occur in February to May 2023. Feb. 2 Natalie buys two mixers on account from Wildhorse Supply Co. for $1,560 ($780 each), FOB destination, terms n/30. 16 She sells one mixer for $1,495 cash. 25 She pays the amount owed to Wildhorse. Mar.…
Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Her goals for the next 11 months are to sell one mixer per month and to give two to three classes per week.The cost of the fine European mixers is expected to increase. Natalie has just negotiated new terms with Wildhorse that include shipping costs in the negotiated purchase price (mixers will be shipped FOB destination from the supplier to Natalie.) Assume that Natalie has now decided to use a periodic inventory system and now must choose a cost flow assumption for her mixer inventory.Inventory as on January 31, 2023 represents three mixer purchased at a unit cost of $776.The following transactions occur in February to May 2023. Feb. 2 Natalie buys two mixers on account from Wildhorse Supply Co. for $1,560 ($780 each), FOB destination, terms n/30. 16 She sells one mixer for $1,495 cash. 25 She pays the amount owed to Wildhorse. Mar.…
Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Her goals for the next 11 months are to sell one mixer per month and to give two to three classes per week.The cost of the fine European mixers is expected to increase. Natalie has just negotiated new terms with Kzinski that include shipping costs in the negotiated purchase price (mixers will be shipped FOB destination). Assume that Natalie has decided to use a periodic inventory system and now must choose a cost flow assumption for her mixer inventory.Inventory as on January 31, 2019 represents three deluxe mixer purchased at a unit cost of $595.The following transactions occur in February to May 2019. Feb. 2 Natalie buys two deluxe mixers on account from Kzinski Supply Co. for $1,200 ($600 each), FOB destination, terms n/30. 16 She sells one deluxe mixer for $1,150 cash. 25 She pays the amount owed to Kzinski. Mar. 2 She buys one deluxe…
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