20 On March 31 a company needed to estimate its ending riverstory to prepare its first quarter financial statements. The following information is available Beginning inventory. Januaryt $4,000 Net sales: $80,000 Net purchases: $78,000 The company's gross margin ratio is 25% Using the gross profit method, the cost of goods sold would be Multiple Choice Dealerences o . o O spoooo. o O ssa . o 363.000. o ( stasoo Chapter 5 - Homework 21 All of the following statements regarding the financial statement impact of Inventory costing are true excopt. Multiple Choice O when purchase prices are changing the methods to assign Inventory costs result in different amounts for cost of goods sold 0 inventory on the balance sheet approximates current cost when FIFO is used. Reference O The weighted average method smooth out erratic changes in costs. O Selected coseng memo does not impact net income 0 Cost of goods sold on the income statement approximates current cost when LIFO is used Chapter 5 - Homework 22 Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetua inventory system. Determine the cost assigned to the ending inventory using RFO. Units sold at Retail Date May 1 units Acquired at cost 1 11ts 10 220 Its 12. Activities Beginning Inventory Purchase Sales Purchase Sales 140 units 320.00 10N Its $13. NO 1ts 21.00 w Tab Homework O Salmone Company reported the following purchases and sales for its only produkt Salmone uses a perpe rvertory system. Determine the cost assigned to cost of goods sold inge Units sold at Retail Date May 1 5 le 15 Activities Beginning Inventory Purchase Sales Purchase Sales Units Acquired at Cost 150 units e $10.00 220 units $12.00 140 units @ $20.00 100 units $13.00 90 units @ $21.ee M e Choice ooooo 5 - 24 On September of the current your Scots Company experienced a food that destroyed the company's entre tory because the company had not completed its month and reporting for Augustil must estimate the amount of Inventory lost the grows prot method At the beging of August, the company reportering inventory of $216,450 Invertory purchased during Augat was $792,530 Sales for the month of August were $542.500 Accuring the comparto gross profDO NO the mount of ordered in the flood Chapter 5 Homework 25 Use the following Information for Shafer Company to compute Inventory turnover for year 2 Net sales cost of goods sold Ending inventory rear earth $647,5ee $582,880 389,5ee360,840 76,789 79,380 Multiple Choice 0 0 0 0 0