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image text in transcribed Optix Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Item Units Unit Cost Market Cameras: Minolta Canon 7 10 $174 144 $157 180 14 19 137 122 100 132 Light meters: Vivitar Kodak Determine the amount of the ending inventory by applying the lower-of-cost-or-market basis. $ The ending inventory Ziad Company had a beginning inventory on January 1 of 417 units of Product 4-18-15 at a cost of $21 per unit. During the year, the following purchases were made. Mar. 15 July 20 1,112 units 695 units at at $22 $23 Sept. 4 Dec. 2 973 units 278 units at at $24 $27 2,780 units were sold. Ziad Company uses a periodic inventory system. Determine the cost of goods available for sale. $ The cost of goods available for sale LINK TO TEXT Calculate average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Average cost per unit LINK TO TEXT $ Determine (1) the ending inventory, and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average). (Round answers to 0 decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST $ The cost of goods sold $ $ $ The ending inventory $ $ LINK TO TEXT 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? (1) (2) results in the highest inventory amount, $ . produces the highest cost of goods sold, $ . You are provided with the following information for Najera Inc. for the month ended June 30, 2014. Najera uses the periodic method for inventory. Date June 1 June 4 June 10 June 11 June 18 June 18 June 25 June 28 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Units 43 136 107 12 53 10 63 35 Unit Cost or Selling Price $41 45 71 71 48 48 76 53 Calculate cost per unit. (Round answer to 2 decimal places, e.g. 5.25.) Weighted-average cost per unit $ LINK TO TEXT Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round average-cost method answers to 2 decimal places, e.g. 1,250.25 and other answers to 0 decimal places, e.g. 1,250.) LIFO FIFO AVERAGE-COST $ Gross profit $ $ $ $ The cost of goods sold $ $ The ending inventory $ $ LINK TO TEXT Calculate gross profit rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Averagecost. (Round answers to 1 decimal place, e.g. 51.2%.) LIFO Gross profit rate FIFO % AVERAGE-COST % % Terando Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date July 1 July 11 July 14 July 21 July 27 Unit Cost 6 July Units 165 $120 231 $135 264 Sales Units $148 132 99 198 Calculate the average cost per unit at June 1, 6, 11, 14, 21 & 27. (Round answers to 3 decimal places, e.g. $105.250.) Average cost for each unit $ July 1 July 6 July 1 1 $ July 1 4 $ July 2 1 $ July 2 7 $ $ LINK TO TEXT Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) movingaverage cost, and (3) LIFO. (Round answers to 0 decimal places, e.g. $2,150.) FIFO $ The ending inventory under a perpetual inventory system MOVINGAVERAGE $ LIFO $ On June 30, Calico Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $50,735; at retail $69,500; net sales $41,700; and ending inventory at retail $27,800. Compute the estimated cost of the ending inventory using the retail inventory method. The estimated cost of the ending inventory $ Mercer Inc. is a retailer operating in British Columbia. Mercer uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Mercer Inc. for the month of January 2014. Date Quantit y Description January 1 January January January January January January January 5 8 10 15 16 20 25 Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Unit Cost or Selling Price 280 $17 392 308 28 154 14 252 56 19 28 28 20 20 32 23 Calculate the Moving-average cost per unit at January 1, 5, 8, 15, 20, & 25. (Round answers to 3 decimal places, e.g. $5.251.) January 1 January 5 January 8 January 10 January 15 January 16 January 20 January 25 LINK TO TEXT Moving-Average Cost per unit $ $ $ $ $ $ $ $ For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round answers to 0 decimal places, e.g. $2,150.) LIFO Cost of goods sold Ending inventory Gross profit Movingaverage FIFO $ $ $ $ $ $ $ $ $

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