( Appendix 6B) Inventory Costing Methods Jet Black Products uses a periodic inventory system. For 2018 and 2019, Jet Black has the following data: All purchases and sales are for cash. Required: 1. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using FIFO. 2. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using LIFO. 3. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year 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 Which method would result in the lowest amount paid for taxes? 5. CONCEPTUAL CONNECTION Which method produces the most realistic amount for income? For inventory? Explain your answer. 6. CONCEPTUAL CONNECTION What is the effect of purchases made later in the year on the gross margin when LIFO is employed? When FIFO is employed? Be sure to explain why any differences occur. 7. CONCEPTUAL CONNECTION If you worked Problem 6-68A, compare your answers. What are the differences? Be sure to explain why any differences occurred.

Company Elmira reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 32,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?

Company Edgar reported the following cost of goods sold but later realized that an error had been made in ending inventory for year 2021. The correct inventory amount for 2021 was 12,000. Once the error is corrected, (a) how much is the restated cost of goods sold for 2021? and (b) how much is the restated cost of goods sold for 2022?

Suppose this information is available for PepsiCo, Inc. for 2020, 2021, and 2022. Calculate the inventory turnover for 2020, 2021, and 2022.

SHOW COMPUTATIONyou found the following information relating to certain inventory transactions from your observation of the client’s physical count and review of sales and purchases cutoff: a. Goods costing P180,000 were received from a vendor on January 3, 2021. The goods were not included in the physical count. The related invoice was received and recorded on December 30, 2020. The goods were shipped on December 31, 2020, terms FOB shipping point.b. Goods costing P200,000, sold for P300,000, were shipped on December 31, 2020, and were received by the customer on January 2, 2021. The terms of the invoice were FOB shipping point. The goods were included in the ending inventory for 2020 and the sale was recorded in 2021.c. The invoice for goods costing P150,000 was received and recorded as a purchase on December 31, 2020. The related goods shipped FOB destination were received on January 2, 2021 but were included in the physical inventory as goods in transit.d. A P600,000 shipment of…

Use the following information regarding Skysong, Inc. and Kingbird, Inc. to answer the question “Which amount is equal to Skysong, Inc.'s "days in inventory" for 2022 (to the closest decimal place)?” (Use 365 days for calculation.) * Year Inventory Turnover Ending Inventory Skysong, Inc. 2020 * $26800 * 2021 10.6 $31400 * 2022 10.2 $32400 *       Kingbird, Inc. 2020 * $26340 * 2021 8.5 $25230 * 2022 9.2 $23010

prepare an extract of the statement of comprehensive income that would reflect, amongst others, the value of closing inventory and gross profit for the year ended 31 December 2020 using the following methods of inventory valuation first in first out informationsaha sportshop had the following inventory of cricket bats 01 January 2020,the start of the financial year quantity =30batsunit purchase price =R250carriage on purchases per unit=R10 during 2020 the following purchases, returns and sales were made: 270 bats were purchased at R270 each on 31 March 2020. carriage amount to R10 per unit 100 bats that were purchased on 31 March 2020 were returned to the supplier. no refund could be obtained on the carriage 300 bats were purchased at R280 each on 31 August 2020. carriage amounted to R15 per unit 400 bats were sold during the year at R500 each note: the carriage costs are not included in the purchase prices stated above

1. Prepare a perpetual inventory record for All Things Auto, using the first in, first out (FIFO) method to determine the value of ending inventory at December 31, 2020, and the total amount to be assigned to cost of goods sold for the period. 2. Given that selling, distribution and administrative costs for the quarter were $23,445, $10,250 and$75,435 respectively, prepare an income statement for All Things Auto (DieHard) for the quarter ended December 31, 2020, to determine the net profit for the quarter. 3. Journalize the transactions on November 12 and November 27, assuming the business uses a:- Perpetual inventory system- Periodic inventory system  4. Vallie Enterprise sells a product that cost $200 per unit and has a monthly demand of 500 units. The annual holding cost per unit is calculated as 2% of the unit purchase price. It costs thebusiness $30 to place a single order.The maximum number of units sold for any one week is 150 and minimum sales 80 units. The vendor takes…

Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2023. Estimate ending inventory for 2023 and 2024.