Selling Price Units Unit Units Date Transaction In Cost Total Sold Total Balance Purchase $ 410 3,360 July 1 100 $4.10 800 4.20 $ 2,100 2,190 7 Sale 300 $7.00 10 Sale 300 7.30 12 Purchase 400 4.50 1,800 15 Sale 200 7.40 1,480 18 Purchase 300 4.60 1,380 22 Sale 400 7.40 2,960 25 Purchase 500 4.58 2,290 30 Sale 200 7.50 1,500 Totals 2,100 $9,240 1,400 $10,230

Assume that Whitewall Tire Store completed the following perpetual inventory transactions for a line of tires: (Click the icon to view the transactions.) Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Cost of Goods Sold Date Quantity Dec. 1 11 23 26 29 Totals Purchases Unit Cost Total Unit Cost Quantity Cost Total Cost Inventory on Hand Unit Cost Quantity C Total Cost 1. Requirements More info Dec. 1 Beginning merchandise inventory Dec. 11 Purchase Dec. 23 Sale Dec. 26…

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Enrail Ski Company’s inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. (I have the answers for #1 and #2, but I need the calculations for #3.Please show ALL work.) Required: 1. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January Year 1? Why? Which method will result in the highest ending inventory balance? Why? 2. Compute cost of goods sold for January and the ending inventory using both the FIFO and LIFO methods. 3. Now assume that inventory costs were declining during January. The inventory purchased on January 15 had a unit cost of $74, and the inventory purchased on January 21 had a unit cost of $68. All other information is the same. Repeat requirements 1 and 2 Beginning inventory, January 1, year 1 840 units @ $85 each Purchases: January 15 1,000 units @ $94 each January 21 2,350 units @ $106 each Sales: January 5 575 units @ $110 each January 22 1,250 units…

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The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow assumption. To illustrate, beginning inventory, purchases and sales of shoes are shown below for Grant Co., using a perpetual inventory system. 1. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in inventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first.   2. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the LIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise…