Nadal Athletic has the following transactions related to its inventory for the month of August 2021: Total Date Transactions Cost per Unit Units Cost August 1 Beginning inventory August 4 $130 $ 910 Sale ($150 each) Purchase August 11 120 1,080 August 13 Sale ($160 each) August 20 Purchase 110 1,320 August 26 Sale ($170 each) August 29 Purchase 100 1,200 $4,510 Required: 1. Calculate ending inventory and cost of goods sold at August 31, 2021, using the specific identification method. The August 4 s consists of units from beginning inventory, the August 13 sale consists of units from the August 11 purchase, and the August 26 consists of two units from beginning inventory and eights units from the August 20 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31, 2021. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31, 2021. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31, 2021. 5. Calculate sales revenue and gross profit under each of the four methods. 17716412 5 10

Nadal Athletic has the following transactions related to its inventory for the month of August 2021: Total Date Transactions Cost per Unit Units Cost August 1 Beginning inventory August 4 $130 $ 910 Sale ($150 each) Purchase August 11 120 1,080 August 13 Sale ($160 each) August 20 Purchase 110 1,320 August 26 Sale ($170 each) August 29 Purchase 100 1,200 $4,510 Required: 1. Calculate ending inventory and cost of goods sold at August 31, 2021, using the specific identification method. The August 4 s consists of units from beginning inventory, the August 13 sale consists of units from the August 11 purchase, and the August 26 consists of two units from beginning inventory and eights units from the August 20 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31, 2021. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31, 2021. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31, 2021. 5. Calculate sales revenue and gross profit under each of the four methods. 17716412 5 10

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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