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i need help with the last few blanks i think im calculating wrong, thank you. Scrappers Supplies tracks the number of units purchased and sold
i need help with the last few blanks i think im calculating wrong, thank you.
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 40 Transactions Units Unit Cost Beginning inventory, January 1 200 $ 38 Transactions during the years a. Purchase on account, March 2 350 b. Cash sale, April 1 (554 each) ase) c. Purchase on account, June 30 250 d. Cash sale, August 1 (554 each) (70) 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. 44 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 Reg 10 Req 1C Reg 10 Reg 2A Reg 28 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) Total Units Cost per Unit 2005 38.00 $ 7,600 40.00 44.00 LEO. (Periodic) 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 350 $ 250 $ 500 800 25,000 32,600 0 $ 5 $ 0.00 40.00 44.00 0 380 Req 18 > Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 1c Reg 10 Req 2A Req 2B d. Compute 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 hune 30, (Round "Cost per Unit" anwers to 2 decimal places.) show less Units Cost per Unit 200 $ 38.00 $ Total 7,600 40.00 4400 Specific Identification (Porodic) 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 350 $ 250 $ 500 800 25.000 32.600 $ $ 38.00 40.00 44.00 70 5 70 380 3.080 Step by Step Solution
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