thank you. ### Inventory Transactions and LIFO Calculation**Required Information**Glasgow Corporation has the following inventory transactions during the year:| Date | Transaction | Number of Units | Cost per Unit | Total Cost ||------------|-----------------------|-----------------|---------------|------------|| Apr. 1 | Beginning Inventory | 56 | $48 | $2,688 || Apr. 7 | Purchase | 156 | $48 | $7,488 || Jul. 15 | Purchase | 216 | $51 | $11,016 || Oct. 5 | Purchase | 116 | $54 | $6,264 || | Total | 544 | | $27,456 |For the entire year, the company sells 442 units of inventory for $68 each.### LIFO (Last In, First Out) CalculationUnder LIFO, calculate the ending inventory, cost of goods sold, sales revenue, and gross profit.#### Cost of Goods Available for Sale| Date | Number of Units | Cost per Unit | Goods Available for Sale ||------------|-----------------|---------------|---------------------------|| Beginning Inventory | 56 | $48 | || Apr. 7 | 156 | $48 | || Jul. 15 | 216 | $51 | || Oct. 5 | 116 | $54 | || Total | 0 | 0 | |#### Cost of Goods Sold and Ending Inventory| Date | Number of Units Sold | Cost per Unit | Cost of Goods Sold | Ending Inventory (units) | Cost per Unit | Ending Inventory (value) ||------------|----------------------|---------------|--------------------|--------------------------|---------------|--------------------------|| | | | | | | |### Financial Calculations- **Sales Revenue**: Calculate the total revenue by multiplying the units sold (442) by the selling price per unit ($68).- **Gross Profit**: Determine the gross profit by subtracting the Cost of Goods Sold from the Sales Revenue.

Ginagow Corporetion hes the following inventory transections during the yesr. Dute Traaction Nater of its Cost Tetal Cost S2, Jan. 1 gimin inntary Apr. 7 rchae Jul.1 Purchae sa a, 6,264 act. Prchae For the entire yee the company selis 442 unts of inventory for S66 ench. 2 Using LIFO, calculeste ending inventory. cost of goods sold, snies revenue, and gross proft. LIFO Cost of Ooods Avallabie for tale Cost of Ooods loid Ending inventory Cost of Ooods Avalabie for taie Cost of of unts Cost per unit Cost per unt doods Bold of unite Cost Ending per unt inventon of units Begining Invertory Puchases Apr or Oct O Tokal Sales revenue Gross prott

Ginagow Corporetion hes the following inventory transections during the yesr. Dute Traaction Nater of its Cost Tetal Cost S2, Jan. 1 gimin inntary Apr. 7 rchae Jul.1 Purchae sa a, 6,264 act. Prchae For the entire yee the company selis 442 unts of inventory for S66 ench. 2 Using LIFO, calculeste ending inventory. cost of goods sold, snies revenue, and gross proft. LIFO Cost of Ooods Avallabie for tale Cost of Ooods loid Ending inventory Cost of Ooods Avalabie for taie Cost of of unts Cost per unit Cost per unt doods Bold of unite Cost Ending per unt inventon of units Begining Invertory Puchases Apr or Oct O Tokal Sales revenue Gross prott

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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Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.
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