Problem Jedi Knights purchases and sells light-sabers. The accounting records shows the following data related to its light saber purchases. Item Beginning inventory Purchases Purchases Date March 1 March 16 March 27 Units Unit Cost $150 160 170 200 600 400 Total Cost $30,000 96,000 68,000 On March 18, Jedi Knights sold 450 light sabers for $175 each. On March 31, Jedi Knights sold another 450 units at $180 each. Assume a perpetual inventory system. Required: Show your work! 1.) What is the cost of goods available for the company? $ 2.) Using the FIFO costing method, what is the cost of ending inventory? $ 3.) Using the LIFO costing method, what is the cost of the ending inventory? $ 4.) Using the weighted average method, what is the cost of the ending inventory? $ Round average cost per unit to two decimals and final answer to the nearest dollar 5.) What will be the company's gross profit for March (under the FIFO method)? $

Problem Jedi Knights purchases and sells light-sabers. The accounting records shows the following data related to its light saber purchases. Item Beginning inventory Purchases Purchases Date March 1 March 16 March 27 Units Unit Cost $150 160 170 200 600 400 Total Cost $30,000 96,000 68,000 On March 18, Jedi Knights sold 450 light sabers for $175 each. On March 31, Jedi Knights sold another 450 units at $180 each. Assume a perpetual inventory system. Required: Show your work! 1.) What is the cost of goods available for the company? $ 2.) Using the FIFO costing method, what is the cost of ending inventory? $ 3.) Using the LIFO costing method, what is the cost of the ending inventory? $ 4.) Using the weighted average method, what is the cost of the ending inventory? $ Round average cost per unit to two decimals and final answer to the nearest dollar 5.) What will be the company's gross profit for March (under the FIFO method)? $

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Description: DoneJedi Knights_Prob.pdf QProblemJedi Knights purchases and sells light-sabers. The accounting records shows the following datarelated to its light saber purchases.ItemBeginning inventoryPurchasesPurchasesDateMarch 1March 16March 27Units200600400Un

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 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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