What is the cost of goods sold using fifo periodic? What is ending inventory using fifo periodicWhat is cost of goods sold using lifo periodicWhat is ending inventory using lifo periodicWhat is cost of goods sold using weighted average periodicWhat is ending inventory using weighted average periodicWhat is sales using fifo periodicWhat is sales using life periodicWhat is gross margin using fifo periodicWhat method would result in lower taxes **Crimson Co. Inventory and Sales Data for 2022**Crimson Co. began operations on January 1, 2022. In the year 2022, it has the following data:| Date | Event | Number of items | Price per item | Total Price ||------------|---------------------|-----------------|----------------|-------------|| 1/1/22 | Beginning Inventory | 200 | $9.00 | $1,800 || 2/15/22 | Purchase | 300 | $11.00 | $3,300 || 3/15/22 | Sale | 320 | $25.00 | $8,000 || 9/15/22 | Purchase | 500 | $12.00 | $6,000 || 11/3/22 | Sale | 450 | $25.00 | $11,250 |**Instructions:**Use the dropdown menu below to select your answers based on the facts displayed above. For your calculations for weighted average periodic, carry out your calculations to the nearest thousandth (tenth of a penny).

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Answered: Date 1/1/22 2/15/22 3/15/22 9/15/22 ng…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What is the cost of goods sold using fifo periodic? What is ending inventory using fifo periodic What is cost of goods sold using lifo periodic What is ending inventory using lifo periodic What is cost of goods sold using weighted average periodic What is ending inventory using weighted average periodic What is sales using fifo periodic What is sales using life periodic What is gross margin using fifo periodic What method would result in lower taxes

**Crimson Co. Inventory and Sales Data for 2022**

Crimson Co. began operations on January 1, 2022. In the year 2022, it has the following data:

| Date | Event | Number of items | Price per item | Total Price |
|------------|---------------------|-----------------|----------------|-------------|
| 1/1/22 | Beginning Inventory | 200 | $9.00 | $1,800 |
| 2/15/22 | Purchase | 300 | $11.00 | $3,300 |
| 3/15/22 | Sale | 320 | $25.00 | $8,000 |
| 9/15/22 | Purchase | 500 | $12.00 | $6,000 |
| 11/3/22 | Sale | 450 | $25.00 | $11,250 |

**Instructions:**
Use the dropdown menu below to select your answers based on the facts displayed above. For your calculations for weighted average periodic, carry out your calculations to the nearest thousandth (tenth of a penny).

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