You have the following information for Bonita Industries for the month ended October 31, 2022. Bonita uses a periodic method forinventory.DateDescriptionOct. 1Oct. 9Oct. 11Oct. 17Oct 22Oct. 25Oct. 29 SaleBeginning inventoryPurchaseSalePurchaseSalePurchase2 of 12-Weighted average cost peeTextbook and MediaList of AccountsUnitsThe ending inventory $65The cost of goods sold $13090906575Calculate the weighted-average cost. (Round answer to 3 decimal places, eg. 5.125)cost per unit $100Unit Cost or Selling PriceCalculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO.(2) FIFO(3) Average-cost. (Round answers to 0 decimal place, eg 125)LIFO2 2 2 2 2 2 224514$22FIFO$$AVERAGE COST

The weighted average method, the last-in-first-out method, and the first-in-first-out method are the…

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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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You have the following information for Sheridan Inc. for the month ended October 31, 2025. Sheridan uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Description Beginning inventory Purchase Sale Purchase Sale Purchase Oct. 29 Sale eTextbook and Media Ending inventory Cost of goods sold Gross profit Units $ 65 Weighted-average cost per unit $ $ 130 $ 95 e Textbook and Media 95 1. LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 65 75 105 Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. Unit Cost or Selling Price $22 LIFO 24 $ 45 $ 25 50 27 50 FIFO $ $ AVERAGE-COST
Bramble has the following inventory data: July 1 Beginning inventory 29 units at $5.90 Purchases 118 units at $6.50 14 Sale 78 units 21 Purchases 59 units at $7.10 30 Sale 55 units Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July? O $459.50 O $897.50 O $1357.00 O $684.60
5.The following data pertain to Cross Company (assume a perpetual inventory system) for the month ended January 31, 2019: Date Description Units Unit Cost Unit Selling Price Jan.1 Beg. Inventory 10 $50 5 Purchase 25 52 10 Sale (6) $80 16 Sale (10) 82 20 Purchase 12 55 25 Sale (20) 85 Required: 1. Compute the cost of goods sold and ending inventory under FIFO. 2. Compute Gross Margin under FIFO
Vinubhai
The accounting records of Kingbird Electronics show the following data. Beginning inventory Purchases Sales 3,060 units at $7 7,140 units at $9. 8,590 units at $12 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and (c) the average-cost method. Cost of goods sold FIFO SA $ LIFO $ Average-cost $
You have the following information for Van Gogh Inc. for the month ended October 31, 2025.Van Gogh uses a periodic method for inventory. Date Description Units unit cost Selling price per unit 1-Oct Beginning inventory 60 $24 9-Oct Purchase 120 $26 11-Oct Sale 100 $35 17-Oct Purchase 100 $27 22-Oct Sale 60 $40 25-Oct Purchase 70 $29 29-Oct Sale 110 $40 1. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profitrate under LIFO.2. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rateunder FIFO.3. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rateunder Average-cost (round cost per unit to three decimal places.) Please dont provide solution image based thanku
sharad
need answer
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Use this inventory information for the month of March to answer the following questions. Assuming that a periodic inventory system is used, what is ending inventory (rounded) under theaverage-cost method? What is cost of goods sold on a FIFO basis? What is ending inventory under the LIFO method?
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units @ $11 5 Sale 11 units 17 Purchase 24 units @ $12 30 Sale 18 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1 Beginning inventory 90 units @ $36 each May 6 Sold 75 units @ $50 each May 15 Purchased 125 units @ $38 each May 24 Sold 80 units @ $51 each What is the cost of goods sold for May using a LIFO inventory costing method in a perpetual inventory system? Please show all calculations in order to receive credit.

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