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I have most of the answers, but still dont know how to get certain ones, if you can help me fill in the incorrect ones
I have most of the answers, but still dont know how to get certain ones, if you can help me fill in the incorrect ones and the boxes that are blank, much appreciated .
Scrappers Supplies 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 annual accounting period, December 31. Units 220 Unit Cost Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($40 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($40 each) 310 (370) 270 (80) TIP: Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred. Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first-out. b. Weighted average cost. c. First-in, first-out. d. Specific identification, assuming that the April 1 sale was selected one-fifth from the beginning inventory and four-fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30. 2. Of the four methods, which will result in the highest gross profit? Which will result in the lowest income taxes? Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Reg 1D Reg 2A Req 2B a. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the LIFO method. (Round "Cost per Unit" anwers to 2 decimal places.) LIFO (Periodic) Units Total Cost per Unit $ 24.00 220 $ 5,280 $ 26.00 $ 30.00 310 270 580 800 16,160 21,440 Beginning Inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold Ending Inventory $ 24.00 $ 26.00 $ 30.00 120 270 390 410 X 11,220 10,220 Req 1A Reg 1B Reg 1C Req 1D Reg 2A Req 2B b. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the Weighted average method. (Round "Cost per Unit" anwers to 2 decimal places.) Weighted Average Cost (Periodic) Units Total Cost per Unit $ 24.00 220 $ 5,280 $ 26.00 $ 30.00 Beginning Inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Ending Inventory 310 270 580 800 16,160 21,440 $ 0 Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 10 Req 1D Req 2A Req 2B c. Compute the cost of goods and for sale, cost of ending inventory, and cost of goods sold at December 31 using the FIFO method. (Round "Cost per Unit" anwers to 2 decimal places.) FIFO (Periodic) Units Total Cost per Unit $ 24.00 220 $ 5,280 $26.00 $ 30.00 310 270 580 800 16,160 21,440 Beginning Inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold Ending Inventory 220 230 0 450 $ 24.00 $ 26.00 $ 30.00 11,260 350 10,180 Req 1A Reg 1B Req 1C Req 1D Req 2A Req 2B d. CCompute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 using the Specific identification method. Assume that the April 1 sale was selected one-fifth from the beginning inventory and four-fifths from the purchase of March 2. Assume that the sale of August 1 was selected from the purchase of June 30. (Round "Cost per Unit" anwers to 2 decimal places.) Show less Specific Identification (Periodic) Units Total Cost per Unit $ 24.00 220 $ 5,280 $26.00 $ 30.00 310 270 580 800 16,160 21,440 Beginning Inventory Purchases March 2 June 30 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from March 2 Purchase Units from June 30 Purchase Total Cost of Goods Sold Ending Inventory $ 24.00 $ 26.00 $ 30.00Step by Step Solution
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