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1) Pigwig uses a periodic inventory system. The below informaiton pertains to its March 2022 operations. Calculate ending inventory and cost of goods sold using
1) Pigwig uses a periodic inventory system. The below informaiton pertains to its March 2022 operations. Calculate ending inventory and cost of goods sold using the methods below (label your answers so I can clearly see them and round to the nearest cent): a. FIFO b. UFO c. Weighted Average 2) Monomaniacs, Inc, uses a perpetual inventory system for the goods it sells. During March 2022, the below transactions took place. Using the information above and the tables provided in the downloaded template, prepare a perpetual inventory schedule to calculate ending inventory and cost of goods sold based on the following perpetual methods (type your answers into the labeled/highlighted cells and round to the nearest cent): a. FIFO b. LIFO c. Moving Average 2) Monomaniacs, Inc, uses a perpetual inventory system for the goods it sells. During March 2022, the below transactions took place. Using the information above and the tables provided in the downloaded template, prepare a perpetual inventory schedule to calculate ending inventory and cost of goods sold based on the following perpetual methods (type your answers into the labeled/highlighted cells and round to the nearest cent): a. FIFO b. LIFO c. Moving Average 3) For the FIFO table in part b) of Problem 2 above, prepare all journal entries for 07/18 and 07/24. Assume all activity is "on account." 4) Donner Company had a beginning inventory that cost $75,000, which was marked for retail at $129,000. During 2022 , they made purchases of $395,000, which they hoped to sell for $706,000. Their actual sales for the year amounted to $720,000. Their estimated gross profit percentage is 65%. Use the retail method of inventory estimation to calculate the cost of the year-end inventory for 2022 (label you answer so I can clearly see it and round to the nearest cent)
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