Calculate cost of goods sold using: Sald 0 5०० 1) FIFO 2) Weighted-average cost 3) LIFO Edns Intr 20 4) Heinrich Company, which uses a periodic inventory system, imports and sells a product produced in Germany. In the summer of 2018, a natural disaster disrupted production, affecting its supply of product. Heinrich uses the LIFO inventory method. On January 1, 2019, Heinrich's inventory records were as follows: Year purchased Quantity (units) Cost per unit Total cost 2017 2,500 $20 $ 50,000 4,500 Z000 2018 $40 180,000 Total $230,000 Through mid-December of 2019, purchases were limited to 50,000 units, because the cost had increased to $50 per unit. Heinrich sold 55,000 units during 2019 at a selling price of $100 per unit, which significantly depleted its inventory. The cost was expected to drop to $42 per unit by early January 2020. 1) Assume that Heinrich makes no further purchases during 2019. Compute the gross profit for 2019 2) Assume that Heinrich purchases 8,800 units before the end of December 2019 at $50 each. Compute its gross profit for 2019. ) At the beginning of the current period, Viraat Industries, which uses a periodic inventory system, has 150 units of a product with a unit cost of $480. The inventory records report the following transactions: Units Unit Cost Cost $72,000 79,200 Beginning Inventory 150 $480 Purchase #1 150 $528 39,900 18,900 $210,000 Purchase #2 70 $570 Purchase #3 30 $630 400
Calculate cost of goods sold using: Sald 0 5०० 1) FIFO 2) Weighted-average cost 3) LIFO Edns Intr 20 4) Heinrich Company, which uses a periodic inventory system, imports and sells a product produced in Germany. In the summer of 2018, a natural disaster disrupted production, affecting its supply of product. Heinrich uses the LIFO inventory method. On January 1, 2019, Heinrich's inventory records were as follows: Year purchased Quantity (units) Cost per unit Total cost 2017 2,500 $20 $ 50,000 4,500 Z000 2018 $40 180,000 Total $230,000 Through mid-December of 2019, purchases were limited to 50,000 units, because the cost had increased to $50 per unit. Heinrich sold 55,000 units during 2019 at a selling price of $100 per unit, which significantly depleted its inventory. The cost was expected to drop to $42 per unit by early January 2020. 1) Assume that Heinrich makes no further purchases during 2019. Compute the gross profit for 2019 2) Assume that Heinrich purchases 8,800 units before the end of December 2019 at $50 each. Compute its gross profit for 2019. ) At the beginning of the current period, Viraat Industries, which uses a periodic inventory system, has 150 units of a product with a unit cost of $480. The inventory records report the following transactions: Units Unit Cost Cost $72,000 79,200 Beginning Inventory 150 $480 Purchase #1 150 $528 39,900 18,900 $210,000 Purchase #2 70 $570 Purchase #3 30 $630 400
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PA: On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as...
Related questions
Question
Can you help with practice problem number 4 .1 and 4.2
![Calculate cost of goods sold using:
Sald 0
5००
1) FIFO
2) Weighted-average cost
3) LIFO
Edns Intr 20
4) Heinrich Company, which uses a periodic inventory system, imports and sells a product produced in Germany.
In the summer of 2018, a natural disaster disrupted production, affecting its supply of product. Heinrich uses
the LIFO inventory method. On January 1, 2019, Heinrich's inventory records were as follows:
Year purchased
Quantity (units)
Cost per unit
Total cost
2017
2,500
$20
$ 50,000
4,500
Z000
2018
$40
180,000
Total
$230,000
Through mid-December of 2019, purchases were limited to 50,000 units, because the cost had increased to
$50 per unit. Heinrich sold 55,000 units during 2019 at a selling price of $100 per unit, which significantly
depleted its inventory. The cost was expected to drop to $42 per unit by early January 2020.
1) Assume that Heinrich makes no further purchases during 2019. Compute the gross profit for 2019
2) Assume that Heinrich purchases 8,800 units before the end of December 2019 at $50 each. Compute its
gross profit for 2019.
) At the beginning of the current period, Viraat Industries, which uses a periodic inventory system, has 150 units
of a product with a unit cost of $480. The inventory records report the following transactions:
Units
Unit Cost
Cost
$72,000
79,200
Beginning Inventory
150
$480
Purchase #1
150
$528
39,900
18,900
$210,000
Purchase #2
70
$570
Purchase #3
30
$630
400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8a98c7ba-25cf-4318-9b2f-9a4efe0d95ba%2F36fbfba1-a5f6-4d21-bddd-2f15d82fe02c%2F8idmib.jpeg&w=3840&q=75)
Transcribed Image Text:Calculate cost of goods sold using:
Sald 0
5००
1) FIFO
2) Weighted-average cost
3) LIFO
Edns Intr 20
4) Heinrich Company, which uses a periodic inventory system, imports and sells a product produced in Germany.
In the summer of 2018, a natural disaster disrupted production, affecting its supply of product. Heinrich uses
the LIFO inventory method. On January 1, 2019, Heinrich's inventory records were as follows:
Year purchased
Quantity (units)
Cost per unit
Total cost
2017
2,500
$20
$ 50,000
4,500
Z000
2018
$40
180,000
Total
$230,000
Through mid-December of 2019, purchases were limited to 50,000 units, because the cost had increased to
$50 per unit. Heinrich sold 55,000 units during 2019 at a selling price of $100 per unit, which significantly
depleted its inventory. The cost was expected to drop to $42 per unit by early January 2020.
1) Assume that Heinrich makes no further purchases during 2019. Compute the gross profit for 2019
2) Assume that Heinrich purchases 8,800 units before the end of December 2019 at $50 each. Compute its
gross profit for 2019.
) At the beginning of the current period, Viraat Industries, which uses a periodic inventory system, has 150 units
of a product with a unit cost of $480. The inventory records report the following transactions:
Units
Unit Cost
Cost
$72,000
79,200
Beginning Inventory
150
$480
Purchase #1
150
$528
39,900
18,900
$210,000
Purchase #2
70
$570
Purchase #3
30
$630
400
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning