Assume that J R Toys store purchased and sold a line of dolls during December as follows: (Click the icon to view the transactions.) JR Toys uses the perpetual inventory system. More info Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 13 7 14 13 units @ $ 8 each units @ $18 each units @ $ 16 each units @ $ 18 each. - X Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the FIFO inventory costing method. 2. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using the LIFO inventory costing method. 3. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit?

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 31 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. FIFO Cost Flow Assumption Purchases Cost of Merchandise Sold Merchandise Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Mar. 1 26 35 910 26 35 910 19 35 665 35 245 11 35 48 1680 35 245 35 48 1680 24 31 Balances

Shown below is activity for one of the products of Monique Aaron Corp               Purchases   Sales   # Units $ per Unit   # Units $ per Unit 1-Jan 500 55       10-Jan 500 60       12-Jan       800 75 20-Jan 1000 63       28-Jan       750 80             Compute the ending inventory, cost of goods available for sale, cost of goods sold in both units and dollars and the Gross Profit assuming the company uses the perpetual Lifo and perpetual fifo methods.

Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance

Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. January 1 January 10 Date March 14 Total March 14 March 15 Total March 15 July 30 Total July 30 October 5 Total October 5 October 26 Totals Goods Purchased # of units Cost per unit # of units sold Perpetual LIFO: Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance

Gallery Leather is using the following information to compute it's cost of goods sold: March - 1 - beginning inventory = 30 units @ $5 March - 3 - purchased 15 units @ $4 March - 9 - sold 25 units @ $8 What is the cost of goods sold for Gallery Leather assuming it uses LIFO?

Assume that AB Tire Store completed the following perpetual inventory transactions for a line of tires: (Click the icon to view the transactions.) Requirements 1. 2. 3. 4. Compute cost of goods sold and gross profit using the FIFO inventory costing method. Compute cost of goods sold and gross profit using the LIFO inventory costing method. Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Which method results in the largest gross profit, and why? X More info 4 Dec. 1 Beginning merchandise inventory Dec. 11 Purchase Dec. 23 Sale Dec. 26 Purchase Dec. 29 Sale 24 tires @ $61 each 6 tires @ $76 each 16 tires @ $83 each 14 tires @ $86 each 17 tires @ $83 each

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…

Faithful Books has the following transactions in August related to merchandise inventory. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Assume the following costing information for the books sold during the​ month:   August ​3:   10 books costing $18 each   August ​15: 4 books costing $18 each and 9 books costing $21each   August ​28: 2 books costing $21each and 2 books costing $28 each Aug. 1 Beginning merchandise inventory, 16 books @ $18 each Aug. 3 Sold 10 books @ $21 each Aug. 12 Purchased 12 books @ $21 each Aug. 15 Sold 13 books @ $21 each Aug. 20 Purchased 3 books @ $28 each Aug. 28 Sold 4 books @ $22 each Start by entering the beginning inventory balances. 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…