ESSAY #2

Essay #2 A company's inventory records indicate the following data for the month of April: April 1 each Beginning Balance 100 units at $10 (PURCHASE COST) April 5 Purchase 40 units at $ 12 (PURCHASE COST) each April 10 Sale 60 units at $30 (RETAIL PRICE) each Using the inventory information above, you will answer the next 9 questions. Answers will be provided in $$$ (dollars). Do not provide units. All answers, when necessary, should use two decimal places. Please note that the 12 questions are in groups of four and cover FIFO, LIFO and the Weighted Average cost allocation methodologies. The following Inventory Costing "Grid" is an optional student aid provided to help develop (on your scrap paper) answers for the 12 questions that follow. This is the same aid I used in the inventory cost allocation videos from Canvas. This is purely optional and will not be submitted with the exam. The grid is provided only as a guide. No Excel version of the grid is provided in the exam. rd questions. Answers will be provided in $$$_(dollars). Do not provide units. All answers, when necessary, should use two decimal places. Please note that the 12 questions are in groups of four and cover FIFO, LIFO and the Weighted Average cost allocation methodologies. The following Inventory Costing "Grid" is an optional student aid provided to help develop (on your scrap paper) answers for the 12 questions that follow. This is the same aid I used in the inventory cost allocation videos from Canvas. This is purely optional and will not be submitted with the exam. The grid is provided only as a guide. No Excel version of the grid is provided in the exam. Bez, Balance/Purchases Cost of Goods Sold Ending Inventory Dates Units $/unit Stotal Units Sunit STotal Units s/unit $Total Retail Sales Units S/unit sTotal Question 12 1 pts FIFO Determine the total Retail Sales amount (i.e. Sales in $$$'s) for the 60 units sold on April 10th Question 13 3.78 pts FIFO Determine the cost ($$$) of goods sold for the April 9th Sale Question 14 3.78 pts FIFO Determine the Gross Profit ($$$) from the April 9th sale Question 15 3.78 pts FIFO Determine the value (i.e. amount in $$$'s) of Ending Inventory immediately after the April 9th sale Question 16 1 pts LIFO Determine the total Retail Sales amount (i.e. Sales in $$$'s) for the 60 units sold on April 10th D Question 17 3.78 pts LIFO Determine the cost ($$$) of goods sold for the April 9th sale Question 18 3.78 pts LIFO Determine the Gross Profit ($$$) from the April 9th sale Question 19 3.78 pts LIFO Determine the value (i.e. amount in $$$'s) of Ending Inventory immediately after the April 9th sale Question 20 1 pts Weighted Average Cost Determine the total Retail Sales amount (i.e. Sales in $$$'s) for the 60 units sold on April 10th Question 21 3.78 pts Weighted Average Cost Determine the cost ($$$) of goods sold for the April 9th sale Question 22 3.78 pts Weighted Average Cost Determine the Gross Profit ($$$) from the April 9th sale D Question 23 3.78 pts Weighted Average Cost Determine the value (i.e. amount in $$$'s) of Ending Inventory immediately after the April 9th sale