18-4 help

PRACTICE Learning Goal 18, continued IA 18-3. Review of 10-5. Review of perpetual and periodi LEO and averave methods. A business prepares monthly financial statements, and its inventory information for the month of November is presented here. In this problem, you can complete either or both Part plete either or both Part I and Part II below, according to your assignment. Inventory Information November Beginning inventory Sale Purchase Sale Purchase Sale Purchase 20 units @ $20 15 units 10 units @ 522 5 units 20 units @ $25 18 units 10 units @ $27 Part 1: Periodic method calculations Instructions: a. Calculate cost of goods available, ending inventory, and cost of goods sold using the periodic inventory method. Prepare a comparison table in the following format: FIFO LIFO Average Cost of Goods Available Less: Ending Inventory Cost of Goods Sold b. After completing the table, use the formula BI + net P-El = C of GS to verify the cost of goods sold amount. c. Identify the FIFO, LIFO, and average differences in cost of goods sold and ending inventory. What is the reason for the differences? Part II: Perpetual method calculations Instructions: c. Use the following format to prepare a table using the perpetual inventory method for FIFO, LIFO, and average cost methods. Round average cost to three places and round final answer to nearest cent. Date Purchase Cost of Goods Sold Inventory c. Calculate final totals for each column and use the formula BI + net P - EI = C of GS to verify the ending inventory amount. d. Identify the FIFO, LIFO, and average differences in cost of goods sold and ending inventory. What is the reason for the differences? e. If you completed Part I, identify and explain any differences for FIFO, LIFO, and average cost of goods sold between the perpetual and periodic methods. PRACICE Learning Goal 18, continued 18.4. Res prepares men is presented according to p etual and periodic, FIFO, LIFO and average methods. Abu i nancial stateme in this problem, you can complete either or both partland Part I belon ments, and its inventory information for the month of November assignment Inventory Information November Beginning inventory Sale Purchase Sale Purchase Sale Purchase 20 units 520 15 units 10 units 518 5 units 20 units $15 18 units 10 units $13 Part 1 Periodic method calculations Instructions Using the inventory information in this problem, complete steps a, b, and from LA183 above. Part II Perpetual method calculations Instructions: Using the inventory information in this problem, complete steps c, d, and e from IA 18-3 above Part III Analysis Instructions: If you completed IA 18-3, compare your results in this problem to your results in LA 18-3. Can you explain the differences? A 18-5. Estimating inventory An earthquake severely damaged the storage facilities and records of Anchorage Enterprises on June 20. Inventory was last calculated and placed in secure data storage as of May 31. The company controller prepared the following information to calculate the claim to the insurance company inventory