Fundamentals of Accounting 4th Edition: E7-3 Inferring Missing Amounts Based on Income Statement Relationships:

Supply the missing dollar amounts for the income statement of Clark Retailers for each of the following independent cases:

Cases A Sales Revenue $800 Beginning Inventory Purchases $700 Total Available $? Ending Inventory $500 Costs of Goods Sold $? Gross Profit $? Selling and General Expenses $200 Income from Operations $?

Case B Sales Revenue $900 Beginning Inventory $200 Purchases $700 Total Available ? Ending Inventory ? Cost of Goods Sold ? Gross Profit ? Selling and General Expenses 150 Income from Operations 0

Case C Sales Revenue ? Beginning Inventory $100 Purchases ? Total Available ? Ending Inventory $200 Cost of Goods Sold $200 Gross Profit $400 Selling and General Expenses $150 Income from Operations ?

Case D Sales Revenue $800 Beginning Inventory ? Purchases $600 Total Available ? Ending Inventory $300 Cost of Goods of Goods Sold ? Gross Profit ? Selling and General Expenses $250 Income from Operations $100

E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FiFo, LIFO, and Weighted Average Cost:

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kimi's records show the following for the month of January. Sales totaled 240 units.

Beginning Inventory Date January 1 Units 120 Unit Cost $80 Total Cost $9,600

Purchase Date January 15 Units 380 Unit Cost $90 Total Cost $34,200

Purchase January 24 Units 200 Unit Cost 110 Total Cost $22,000

Required:

1. Calculate the number and cost of goods available for sale.

2. Calculate the number of units in ending inventory.

3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.