Current Attempt in Progress Umatilla Bank and Trust is considering giving Swifty Corporation a loan. Before doing so, it decides that further discussions with Swifty's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $ 323,300. Discussions with the accountant reveal the following 1 Swifty shipped goods costing $ 34,500 to Herlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse The physical count of the inventory did not include goods casting $ 97.100 that were shipped to Swifty FOB destination on December 27 and were still in transit at year-end. Swifty received goods costing $ 31,600 on January 2 Tie goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical court. Swifty shipped goods costing $ 43,000 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Swifty's physical inventory Swifty received goods costing $ 46,100 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of 5 323,300, 2 3 4 5. Determine the correct inventory amount on December 31 Correct inventory $ Current Attempt in Progress Gato Inc had the following Inventory situations to consider at January 31, its year end Identity which of the preceding items should be included in Inventory (a) Goods held on consignment for Steele Corp. since December 12. (6) Goods shipped on consignment to Logan Holdings Inc. on January 5, la Goods shipped to a customer, FOB destination, on January 29 that are still in transit (d) Goods shipped to a customer. For shippine point, on January 29 that are still in transit le) Goods purchased FOB destination from a supplier on January 25 that are still in transit Goods purchased FOB shipping point from a supplier on January 25 that are still in 60 transit Office supplies on hand at January 31 Cullumber sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Cullumber's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Cullumber uses a periodic inventory system Units Unit Cost Date Sept. 1 Total Cost $1,221 11 $111 Sept. 12 47 114 5,358 Explanation Inventory Purchases Purchases Purchases Totals Sept. 19 49 115 5,635 Sept. 26 21 116 2,436 128 $14,650 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, es 15.647 and final answers to decimal places, es 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 Cost of goods sold S e Textbook and Media Attempts: 0 of 7 used Submit. An View Policies Current Attempt in Progress Suppose this information is available Tor PepsiCo, Inc. for 2020 2021, and 2022 in millions) 2020 2021 2022 Beginning inventory $111.500 $312,500 $413,500 Ending inventory 312,500 413,500 472500 Cost of goods sold 906,000 1.125.500 1,306,000 Sales revenue 1.200,500 1,595,500 1,892.000 Calculate the inventory turnover for 2020 2021 and 2022. (Round answers to 1 decimal skoes, 152 2020 2021 2022 Inventory turnover ratio tim e Textbook and Media > Question 5 of 6 -/1 View Policies Current Attempt in Progress Bridgeport Distribution markets CDs of numerous performing artists. At the beginning of March, Bridgeport had in beginning inventory 4,400 CDs with a unit cost of $ 7. During March, Bridgeport made the following purchases of CDs March 5,500 @ $8 March 21 8,600 @ $10 March 13 7700 @ 59 March 26 6,800 $11 During March 24.000 units were sold. Bridgeport uses a periodic inventory system Determine the cost of goods available for sale. Cost of goods available for sale $ e Textbook and Media Calculate weighted average cost per unit. (Round answer to 3 decimal places, s. 2.257) Weighted average cost per unit 5 Calculate weighted average cost perunt. (Round anders decimal places, 2.257 $ Weighted average cost per unit e Textbook and Media Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, UFO, and average cost) Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. Round answers to decinal plans 1250. Use weighted average unit controunded to decinal places for computations) UFO AVERAGE-COST FIFO The ending Inventory $ The cost of goods sold 5 eTextbook and Media Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement! 0) produces the highest inventory amounts produces the highest cost of goods sold. 023 e Textbook and Media Attempts of used The management of Pharoah Company is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2022 if either the FIFO or the LIFO method had been used. For 2022 the accounting records show these data: Inventories Purchases and Sales Beginning ( 12,250 units) 5 24.500 Total net sales ( 315,000 units) $ 1,307,250 Ending (29,750 units) Total cost of goods purchased (332,500 units) 815,500 Purchases were made quarterly as follows. Quarter Units Unit Cost Total Cost 1 87,500 $220 $ 192,500 2 70,000 235 164,500 3 70,000 2.50 175,000 4 105.000 2.70 283,500 332.500 $815,500 Operating expenses were $ 130,000, and the company's income tax rate is 40% Pharoah Company Condensed Income Statements FIFO UFO Answer the following questions for management 11) (2) (3) Which cost flow method (FIFO or LIFO) produces the more meaningful inventory amount for the balance sheet? Which cost flow method (FIFO or LIFO) produces the more meaningful net income? Which cost flow method (FIFO or LIFO) is more likely to approximate the actual physical flow of goods? How much more cash will be available for management under LIFO than under FIFO? Wil gross profit under the average cost method be higher or lower than FIFO? Will gross proft under the average cost method be higher or lower than UFO! $ 14 (5) e Textbook and Media Current Attempt in Progress Umatilla Bank and Trust is considering giving Swifty Corporation a loan. Before doing so, it decides that further discussions with Swifty's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $ 323,300. Discussions with the accountant reveal the following 1 Swifty shipped goods costing $ 34,500 to Herlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse The physical count of the inventory did not include goods casting $ 97.100 that were shipped to Swifty FOB destination on December 27 and were still in transit at year-end. Swifty received goods costing $ 31,600 on January 2 Tie goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical court. Swifty shipped goods costing $ 43,000 to Ehler of Canada FOB destination on December 30. The goods were received in Canada on January 8. They were not included in Swifty's physical inventory Swifty received goods costing $ 46,100 on January 2 that were shipped FOB destination on December 29. The shipment was a rush order that was supposed to arrive December 31. This purchase was included in the ending inventory of 5 323,300, 2 3 4 5. Determine the correct inventory amount on December 31 Correct inventory $ Current Attempt in Progress Gato Inc had the following Inventory situations to consider at January 31, its year end Identity which of the preceding items should be included in Inventory (a) Goods held on consignment for Steele Corp. since December 12. (6) Goods shipped on consignment to Logan Holdings Inc. on January 5, la Goods shipped to a customer, FOB destination, on January 29 that are still in transit (d) Goods shipped to a customer. For shippine point, on January 29 that are still in transit le) Goods purchased FOB destination from a supplier on January 25 that are still in transit Goods purchased FOB shipping point from a supplier on January 25 that are still in 60 transit Office supplies on hand at January 31 Cullumber sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Cullumber's purchases of EZslide snowboards during September. During the same month, 106 EZslide snowboards were sold. Cullumber uses a periodic inventory system Units Unit Cost Date Sept. 1 Total Cost $1,221 11 $111 Sept. 12 47 114 5,358 Explanation Inventory Purchases Purchases Purchases Totals Sept. 19 49 115 5,635 Sept. 26 21 116 2,436 128 $14,650 Compute the ending inventory at September 30 and the cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, es 15.647 and final answers to decimal places, es 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 Cost of goods sold S e Textbook and Media Attempts: 0 of 7 used Submit. An View Policies Current Attempt in Progress Suppose this information is available Tor PepsiCo, Inc. for 2020 2021, and 2022 in millions) 2020 2021 2022 Beginning inventory $111.500 $312,500 $413,500 Ending inventory 312,500 413,500 472500 Cost of goods sold 906,000 1.125.500 1,306,000 Sales revenue 1.200,500 1,595,500 1,892.000 Calculate the inventory turnover for 2020 2021 and 2022. (Round answers to 1 decimal skoes, 152 2020 2021 2022 Inventory turnover ratio tim e Textbook and Media > Question 5 of 6 -/1 View Policies Current Attempt in Progress Bridgeport Distribution markets CDs of numerous performing artists. At the beginning of March, Bridgeport had in beginning inventory 4,400 CDs with a unit cost of $ 7. During March, Bridgeport made the following purchases of CDs March 5,500 @ $8 March 21 8,600 @ $10 March 13 7700 @ 59 March 26 6,800 $11 During March 24.000 units were sold. Bridgeport uses a periodic inventory system Determine the cost of goods available for sale. Cost of goods available for sale $ e Textbook and Media Calculate weighted average cost per unit. (Round answer to 3 decimal places, s. 2.257) Weighted average cost per unit 5 Calculate weighted average cost perunt. (Round anders decimal places, 2.257 $ Weighted average cost per unit e Textbook and Media Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, UFO, and average cost) Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. Round answers to decinal plans 1250. Use weighted average unit controunded to decinal places for computations) UFO AVERAGE-COST FIFO The ending Inventory $ The cost of goods sold 5 eTextbook and Media Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement! 0) produces the highest inventory amounts produces the highest cost of goods sold. 023 e Textbook and Media Attempts of used The management of Pharoah Company is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of operations for 2022 if either the FIFO or the LIFO method had been used. For 2022 the accounting records show these data: Inventories Purchases and Sales Beginning ( 12,250 units) 5 24.500 Total net sales ( 315,000 units) $ 1,307,250 Ending (29,750 units) Total cost of goods purchased (332,500 units) 815,500 Purchases were made quarterly as follows. Quarter Units Unit Cost Total Cost 1 87,500 $220 $ 192,500 2 70,000 235 164,500 3 70,000 2.50 175,000 4 105.000 2.70 283,500 332.500 $815,500 Operating expenses were $ 130,000, and the company's income tax rate is 40% Pharoah Company Condensed Income Statements FIFO UFO Answer the following questions for management 11) (2) (3) Which cost flow method (FIFO or LIFO) produces the more meaningful inventory amount for the balance sheet? Which cost flow method (FIFO or LIFO) produces the more meaningful net income? Which cost flow method (FIFO or LIFO) is more likely to approximate the actual physical flow of goods? How much more cash will be available for management under LIFO than under FIFO? Wil gross profit under the average cost method be higher or lower than FIFO? Will gross proft under the average cost method be higher or lower than UFO! $ 14 (5) e Textbook and Media