Don't give answer in image format Complete this question by entering your answers in the tabs below.Required ARequired BCalculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic Inventory system is used.Cost perUnitFIFO (Periodic)Beginning InventoryPurchasesJuly 13Goods Available for SaleCost of Goods SoldTotal Cost of Goods SoldEnding InventoryUnitsRequired A Required B$$$Total000Complete this question by entering your answers in the tabs below.Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.EIFO (Periodic)SalesCost of Goods SoldGross Profit sRequired information[The following information applies to the questions displayed below.]The following are the transactions for the month of July.July 1July 13July 25July 31Beginning InventoryPurchaseSoldEnding InventoryUnits51255(100)206Unit Cost$1012Unit SellingPrice.Complete this question by entering your answers in the tabs below.$ 16Required:a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used.b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used.

Periodic Inventory System: Periodic inventory is a system of inventory that receives regular…

Required information [The following information applies to the questions displayed below.) The following are the transactions for the month of July. July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units 51 255 (100) 206 Unit Cost $10 12 Unit Selling Price $ 16 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below.

Required information [The following information applies to the questions displayed below.) The following are the transactions for the month of July. July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units 51 255 (100) 206 Unit Cost $10 12 Unit Selling Price $ 16 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 2PB: LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a...

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Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
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Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
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Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year. Required: 1. Compute the cost of ending inventory and the cost of goods sold using the specific identification method. Assume the ending inventory is made up of 40 units from beginning inventory, 30 units from Purchase 1, 80 units from Purchase 2, and 40 units from Purchase 3. 2. Compute the cost of ending inventory and cost of goods sold using the FIFO inventory costing method. 3. Compute the cost of ending inventory and cost of goods sold using the LIFO inventory costing method. 4. Compute the cost of ending inventory and cost of goods sold using the average cost inventory costing method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 5. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all four methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
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Inventory Costing Methods Andersons Department Store has the following data for inventory, purchases, and sales of merchandise for December. Andersons uses a perpetual inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations.) 4. Prepare the journal entries to record these transactions assuming Anderson chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes?