2. 2 points eBook Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31, Transactions Unite * Inventory, Deginning Unit cost 6,000 $ 24 Tor the years b. Purchase, March 5 10,000 25 c. Purchase, September 19 6.000 27 d. Sale, April 15 (sold for 569 per unit) 4.200 3. Sate, October 31 (Hold for $72 per unit) 9,000 r. Operating expenses (excluding income tax exponse) $602,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory 3. Compute the cost of ending inventory and cost of goods sold under () FIFO, (D) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method 6. Which inventory costing method minimizes income taxes? Hint Point Buference Complete this question by entering your answers in the tabs below. Required: Required 2 Required Required* Required Calculate the number and cost of goods available for sale, Number of Goods Available for Sale units Cost of Goods Available for Sale Required 2 > 2 2 points eBook Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic Inventory system Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Transactions Unit Unit Coat a. Inventory. Beginning 4,000 $ 24 for the years b. Purchase, March 5 10,000 25 c. Purchase, September 19 6,000 27 d. Sale, April 15 (old for $69 per unit) 4,200 e. Sale, October 31 (sold for $72 per unit) 9.000 1. Operating expenses (excluding income tax expense). 5602,000 Required: 1. Calculate the number and cost of goods available for sale, 2. Calculate the number of units in ending Inventory 3. Compute the cost of ending Inventory and cost of goods sold under (a) FIFO. (6) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows the FIFO method. LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? Hent Print References Complete this question by entering your answers in the tabs below, Required 6 Required 1 Required 2 Required Required 4 Calculate the number of units in ending Inventory Ending Inventory units 2 2 points Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Transactions Units Unit cout a. Inventory. Beginning 4,000 $ 24 For the years b. Purchase, March 5 10,000 25 c. Purchase, September 19 6.000 27 d, Sale, April 15 (sold for $69 per unit) 4.200 e. Sale, October 31 (Hold for $72 per unit) 9.000 1. Operating expenses (excluding income tax expense), $602,000 Required: eBook Hint Print 1. Calculate the number and cost of goods available for sale 2. Calculate the number of units in ending inventory 3. Compute the cost of ending inventory and cost of goods sold under (0) FIFO, (b)LIFO, and (c) weighted average cost 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 6 Compute the cost of ending Inventory and cost of goods sold under () FIFO, (D) LIFO, and (c) weighted average cost Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted Average Cost 2 e. Sale, October 31 (nold for $72 per unit) 9.000 r. Operating expenses (excluding income tax expense), $603,000 Required: 1. Calculate the number and cost of goods available for sale 2. Calculate the number of units in ending inventory 3. Compute the cost of ending inventory and cost of goods sold under () FIFO, (b) LIFO and (c) weighted average cost 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? port BOOK Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Required 4 Required 6 Prepare an income statement that shows the FIFO method, UFO method and weighted average method References SCORESBY INCORPORATED Income Statement For the Year Ended December 31 FIFO LIFO Weighted Average Income (Loss) from Operations 3 2 points Book Print Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information ot the end of the annual accounting period, December 31 Unit Transactions Unita Cont Beginning inventory, January 1 3,100 $ 55 Transactions during the year a. Purchase, January 30 4,850 b. Sale, March 14 ($100 each) (3.000) c. Purchase, May 1 3,550 85 d. Sale, August ($100 each) (3.600) Assuming that for Specific identification method (item id) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending Inventory, and cost of goods sold at December 31 under each of the following Inventory costing methods a Last-In, first-out b. Weighted average cost c. First in, first-out d. Specific identification, assuming that the March 14 sale was selected two-fiths from the beginning inventory and three-fiths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning Inventory, with the balance from the purchase of May 1 2-a. or the four methods, which will result in the highest gross profit? 2-b. Of the four methods, which will result in the lowest income taxes? References Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 25 3 the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory with the balance from the purchase of May 1. 2.a. Of the four methods, which will result in the highest gross profit? 2-b. Of the four methods, which will result in the lowest Income taxes? points Complete this question by entering your answers in the tabs below. eBook Reg 1 Reg 2A Reg 28 Print Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the Inventory costing methods. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) References Amount of Goods Available for Sale Ending Inventory Cost of Goods Sold a. Last-in, first-out b Weighted average cost c. First in, first-out d. Specific identification Reg 2A > CI 3 points Assuming that for Specific identication method item 1) the March 14 sale was selected two fifts from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods a. Last-in, first-out b. Weighted average cost. c. First in, first-out d. Specific identification, assuming that the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1 2-a. Of the four methods, which will result in the highest gross profit? 2.b. Of the four methods, which will result in the lowest Income taxes? eBook Print References Complete this question by entering your answers in the tabs below. Regi Reg 2A Reg 28 of the four methods, which will result in the highest gross profit? Lastin, first-out Weighted average cont Finn from Specific identification 3 2 points Assuming that for Specific identification method (item 1a) the March 14 sale was selected two-fits from the beginning inventory and three-fifths from the purchase of January 30 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: a. Last-in, first-out b. Weighted average cost c. First in, first-out . Specific identification, assuming that the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1 2-a of the four methods, which will result in the highest gross profit? 2-b. Of the four methods, which will result in the lowest Income taxes? Book Print o Beferences Complete this question by entering your answers in the tabs below. Reg1 Red 2A Reg 20 of the four methods, which will result in the lowest Income taxes? Lasti, first-out Weighted average cost First in first-out Specific identification 4. 2 Peterson Furniture Designs is preparing the annual financial statements dated December 31 Ending inventory information about the five major items stocked for regular sale follows: Required: 1-3. Complete the table column "Write-Down per Item and then sum the final column. 1-5. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Book Complete this question by entering your answers in the tabs below. ent Reg 10 R2 Compute the amount of the total write-down when the LCM/NRV Pulo le applied to each item Tot amount of write down Reg 1A 4. Reg2 Reg 10 Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. (If no entr is required for a transaction/event, select "No Journal Entry Required in the first account field.) 2 points View transaction list Journal entry worksheet 5 2 points 570 Miller North Company is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in Millions 2017 2010 Net Sales Revenue $ 3.600 $ 3,060 Cost of Goods Sold 2.780 2,300 Average Inventory 310 Required: 1-a. Calculate the inventory turnover ratio for 2018 and 2017 1-b. Calculate the average days to sell inventory for 2018 and 2017 2. Did inventory turnover at Miller North improve or decline in 2018? 3. Calculate the 2018 gross profit percentage. 4. The main competitor for Miller North is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported its Inventory turnover was 33 and its gross profit percentage was 3.9 percent. Why was Arctic Cat more likely than Miller North to require a write-down for LCM/NRV? B Pin o Complete this question by entering your answers in the tabs below. References Rege Req1A Reg 18 Reg 2 Req3 Calculate the average days to sell Inventory for 2016 and 2017. (Use 365 days in a year. Use rounded Inventory Turnover Ratio and round your answers to 1 decimal place) Days 2018 2017 Average Days to Sel Inventory 5 2 points Miller North Company is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions 2017 2010 Net Sales Revenue $ 3.600 5 3,060 Cost of Goods Sold 2.700 2,300 average Inventory 370 310 Required: 1-a. Calculate the inventory turnover ratio for 2018 and 2017 1-b. Calculate the average days to sell Inventory for 2018 and 2017 2. Did inventory turnover at Miller North improve or decline in 2018? 3. Calculate the 2018 gross profit percentage. 4. The main competitor for Miller North Is Arctic Cat. Prior to being acquired by Textron, Incorporated, Arctic Cat reported its Inventory turnover was 3.3 and its gross profit percentage was 3.9 percent. Why was Arctic Cat more likely than Miller North to require a write-down for LCMNRV? Book Hint P Complete this question by entering your answers in the tabs below. References Reg 1A Req 18 Reg 2 Reg 3 Reg4 Calculate the 2018 gross profit percentage. (Round your answer to 1 decimal place.) Gross profit percentage for 2018
