AOL Mail (5) brockport blackbo... Brockport mail M Gmail YouTube E Connect/Financial Quick Links: SUN... NE SALES Homework Saved E7.5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units 1,810 Unit Cost $ 7 Inventory, December 31, prior year For the current year! Purchase, March 21 Purchase, August 1 Inventory. December 31, current year 5,090 2,940 4,110 9 10 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) FIFO LIFO Average Cost ces Ending inventory Cost of goods sold Homework Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate 5 125 points P7-2 (Algo) Analyzing the Effects of Four Alternative Inventory Methods L07-2 Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 330 $4.00 Transactions during the year a. Purchase, January 30 230 390 (90) (630) 2.70 5.00 b. Purchase, May 1 c. Sale (36 each) d. Sale (56 cach) Required: a. Compute the amount of goods available for sale b.& c. Compute the amount of ending Inventory and cost of goods sold at December 31, under Average cost, First-in, first-out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two- fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1 Answer is not complete Complete this question by entering your answers in the tabs below. RAGA Ray Band Compute the amount of goods available for sale Goods avalable for sale 230 R Red Band C > Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It doe - www Purchase, January 30 b. Purchase, May 1 Sale ($6 each) d. Sale (56 each) 230 390 (90) (630) 2.70 5.00 Required: a. Compute the amount of goods available for sale. b. & c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First-in, first-out. Last-in. first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two- fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Reg B and C Compute the amount of ending inventory and cost of goods sold at December 31 under Average cost, First-in, first-out, Last- in, first-out, Specific identification of the inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Show less First-In Last-In Specific Average Cost First-Out First-Out Identification Ending inventory S Cost of goods sold MacBook Pro mapter 7 Homework Saved 6 Income is to be evaluated under four different situations as follows: Part 1 of 3 a. Prices are rising: (1) Situation A: FIFO is used. (2) Situation B: LIFO is used b. Prices are falling: (1) Situation C: FIFO is used. (2) Situation D: LIFO is used. 125 points The basic data common to all four situations are sales, 505 units for $19,695; beginning inventory, 292 units, purchases. 392 units, ending inventory, 179 units, and operating expenses, $3,600. The income tax rate is 30% Book P7-5 Part 1 Print References Required: 1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory. 292 units at $8 = $2,336; purchases, 392 units at $9 - $3,528. In Situations C and D (prices falling), assume the opposite that is beginning Inventory,292 units at $9 = $2,628, purchases, 392 units at $8 - $3,136.Use periodic inventory procedures. (Round your answers to nearest dollar amount.) PRICES RISING PRICES FALLING Situation A Situation B Situation C Situation D FIFO LIFO FIFO LIFO $ 19,695 $ 19,696 $ 19.695 $ 19,695 2336 3.528 5.884 136 2.628 3.136 5.764 2,628 3.136 5.764 Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income Income tax expense Net Income 2.336 3.528 5,864 1.611 4.253 15,442 3,600 11 842 3.553 8.289 3.600 3.600 3.600 $ Me MacBook Pro esc + G Search or type URL