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I have these 4 questions for a review package my professor has released for a test on Inventory Management. Can someone please help me find
I have these 4 questions for a review package my professor has released for a test on Inventory Management. Can someone please help me find the answers to these questions?
Some of the information found on a detailed inventory card for Swifty Stationery Ltd. for May is as follows: Received No. of Units Unit Cost 1,200 $2.90 1,090 3.00 Issued No. of Units Date May 1 (opening balance) 730 620 3.20 Balance No. of Units 1,200 2,290 1,560 2,180 1,660 2,390 1,240 1,750 2,600 3,310 1,960 520 1,050 320 1,150 1,360 3.40 850 1,560 3.60 1,350 From the above data, calculate the ending inventory based on each of the following cost formulas. Assume that perpetual inventory records are kept in units only and average cost is calculated monthly at each month end. (Round intermediate calculations to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 5,275.) Ending Inventory First-in, first-out (FIFO) $ Weighted average cost $ Based on your results in part (a), and assuming that the average selling price per unit during May was $7.25, prepare partial income statements up to the "gross profit on sales" line. (Round answers to O decimal places, eg. 5,275.) FIFO Weighted Average Calculate the gross profit percentage under each inventory cost formula. (Round answers to 1 decimal place, e.g. 527.5.) Gross Profit Percentage First-in, first-out (FIFO) Weighted average cost eTextbook and Media Assume the perpetual inventory record is kept in dollars, and costs are calculated at the time of each withdrawal. Recalculate the amounts under this revised assumption. (Round average unit costs to 4 decimal places, e.g. 52.7521 and final answers to 2 decimal places, e.g. 52.75.) Ending Inventory First-in, first-out (FIFO) $ Moving average cost $
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