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ezto.mheducation.com System (LO 7-3) 5 Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method

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ezto.mheducation.com System (LO 7-3) 5 Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $9 per unit 03.03 16 Unit Transactions Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 Cost Units Total Cost 5 2.50 260 $ 650 (200) 3.00 310 930 (150) 4.00 55 220 aces Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: a. Weighted average cost. b. First-in, first-out c. Last-In, first-out. d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. 2-a. Of the four methods, which will result in the highest gross profit? 2-b. Of the four methods, which will result in the lowest income taxes? 1 of 3 HH! Prev Next > 2-a. Of the four methods, which will result in the highest gross profit? 2-b. Of the four methods, which will result in the lowest income taxes? Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 28 Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of inventory costing methods. (Round your intermediate calculations to 2 decimal places and final answers to the nearest amount.) Amount of Goods Cost of Goods Ending Inventory Available for Sale Sold a Weighted average cost $ 1,800 $ 275 b. First-in, first-out $ 1.800 $ 220 c. Last-in, first-out: $ 1,800 d. Specific identification $ 1,800 Hea Req 2A > 1 of 3 8 Prev Next >

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