Cost Flow Methods The following three identical units of Item PX2T are purchased during April: Item Beta Units Cost April 2 Purchase 1 $88 April 15 Purchase 1 92 April 20 Purchase 1 96 Total 3 $276 Average cost per unit $92 ($276 - 3 units) Assume that one unit is sold on April 27 for $115. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 12 units at $41 $492 Aug. 13 Purchase 5 units at $44 220 Nov. 30 Purchase 18 units at $46 828 Available for sale 35 units $1,540 There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (C) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole lar). a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) $ C. Weighted average cost $ Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: Oct. 1 Inventory 55 units @ $23 7 Sale 37 units 15 Purchase 48 units @ $24 24 Sale 23 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 $ b. Inventory on October 31 $ Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or- market to each inventory item, as shown in Exhibit 10. Market Value per Unit (Net Realizable Value) Item Inventory Quantity Cost per Unit JFW1 64 $39 $41 SAW9 129 20 18 Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 2016 Cost of goods sold $3,756,945 $4,040,550 Inventories: Beginning of year 766,500 730,000 766,500 End of year 832,200 Required a. Determine the inventory turnover for 2017 and 20Y6. Round to one decimal place. 2017 20Y6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 2047 2016 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 2097 favorable or unfavorable