1 Given equal circumstances, which inventory method would probably be the most time consuming FIFO Average cost Specific identification LIFO 2 Current Attempt in Progress Waterway has the following inventory data Nov 1 Inventory 33 units $6 60 each 8 Purchase 132 units $7 10 each 17 Purchase 66 units $6 95 each 25 Purchase 99 units $7 30 each A physical count of merchandise inventory on November 30 reveals that there are 110 units on hand Cost of goods sold under FIFO is $799 $1572 $765 $1537 3 Skysong has the following inventory data Nov 1 Inventory 25 units $4 90 each 8 Purchase 98 units $5 30 each 17 Purchase 49 units $5 15 each 25 Purchase 74 units $5 40 each A physical count of merchandise inventory on November 30 reveals that there are 82 units on hand Ending inventory under FIFO is $425 $441 $853 $869 4 Waterways has the following inventory data Nov 1 Inventory 33 units $6 60 each 8 Purchase 132 units $7 10 each 17 Purchase 66 units $6 95 each 25 Purchase 99 units $7 30 each A physical count of merchandise inventory on November 30 reveals that there are 110 units on hand Cost of goods sold under LIFO is $799 $1572 $765 $1537 5 Metlock has the following inventory data Nov 1 Inventory 27 units $5 40 each 8 Purchase 108 units $5 80 each 17 Purchase 54 units $5 65 each 25 Purchase 81 units $5 90 each A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand Ending inventory under LIFO is $1026 $529 $1044 $511 6 Nash's,LLC has the following inventory data Nov 1 Inventory 22 units $4 40 each 8 Purchase 89 units $4 75 each 17 Purchase 44 units $4 65 each 25 Purchase 67 units $4 90 each A physical count of merchandise inventory on November 30 reveals that there are 74 units on hand Assuming that the specific identification method is used and that ending inventory consists of 22 units from each of the three purchases and 8 units from the November 1 inventory, cost of goods sold is $698 $57 $703 $671 7 Which inventory costing method should a gasoline retailer use Average cost LIFO FIFO Either LIFO or FIFO 8 Sheridan Company had the following inventory transactions occur during 2022 Units Cost unit Feb 1, 2022 Purchase 91 $38 Mar 14, 2022 Purchase 156 $39 May 1, 2022 Purchase 111 $41 The company sold 257 units at $53 each and has a tax rate of 30 Assuming that a periodic inventory system is used, what is the companys gross profit using LIFO $3669 $10245 $9952 $3376

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 05, 2024

1. Given equal circumstances, which inventory method would probably be the most time-consuming? FIFO Average-cost Specific identification LIFO 2. Current Attempt in Progress Waterway has

Given equal circumstances, which inventory method would probably be the most time-consuming?

FIFO

Average-cost

Specific identification

LIFO

Current Attempt in Progress

Waterway has the following inventory data:

Nov. 1	Inventory	33 units @ $6.60 each
8	Purchase	132 units @ $7.10 each
17	Purchase	66 units @ $6.95 each
25	Purchase	99 units @ $7.30 each

A physical count of merchandise inventory on November 30 reveals that there are 110 units on hand. Cost of goods sold under FIFO is

$799.

$1572.

$765.

$1537.

Skysong has the following inventory data:

Nov. 1	Inventory	25 units @ $4.90 each
8	Purchase	98 units @ $5.30 each
17	Purchase	49 units @ $5.15 each
25	Purchase	74 units @ $5.40 each

A physical count of merchandise inventory on November 30 reveals that there are 82 units on hand. Ending inventory under FIFO is

$425.

$441.

$853.

$869.

Waterways has the following inventory data:

Nov. 1	Inventory	33 units @ $6.60 each
8	Purchase	132 units @ $7.10 each
17	Purchase	66 units @ $6.95 each
25	Purchase	99 units @ $7.30 each

A physical count of merchandise inventory on November 30 reveals that there are 110 units on hand. Cost of goods sold under LIFO is

$799.

$1572.

$765.

$1537.

5.Metlock has the following inventory data:

Nov. 1	Inventory	27 units @ $5.40 each
8	Purchase	108 units @ $5.80 each
17	Purchase	54 units @ $5.65 each
25	Purchase	81 units @ $5.90 each

A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand. Ending inventory under LIFO is

$1026.

$529.

$1044.

$511.

Nash's,LLC has the following inventory data:

Nov. 1	Inventory	22 units @ $4.40 each
8	Purchase	89 units @ $4.75 each
17	Purchase	44 units @ $4.65 each
25	Purchase	67 units @ $4.90 each

A physical count of merchandise inventory on November 30 reveals that there are 74 units on hand. Assuming that the specific identification method is used and that ending inventory consists of 22 units from each of the three purchases and 8 units from the November 1 inventory, cost of goods sold is

$698.

$57.

$703.

$671.

Which inventory costing method should a gasoline retailer use?

Average cost

LIFO

FIFO

Either LIFO or FIFO

Sheridan Company had the following inventory transactions occur during 2022:

		Units	Cost/unit
Feb. 1, 2022	Purchase	91	$38
Mar. 14, 2022	Purchase	156	$39
May 1, 2022	Purchase	111	$41

The company sold 257 units at $53 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the companys gross profit using LIFO?

$3669

$10245

$9952

$3376