Inventory Inquiry Mater's Trucking Company reports the following inventory record for January Date January 1 January 4 January 7 January 13 January 22 INVENTORY Activity Beginning balance Purchase Sale ( 559 per unit) Purchase Sale ( 559 per unit) # of Units 115 310 235 Cost/Unit $17 18 550 500 20 Selling, administrative, and depreciation expenses for the month were $15,000. Mater's effective tax rate is 30 percent Required: 1. Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic inventory system 2.a. What is the gross profit percentage under the FIFO method? 2.b. What is net income under the LIFO method? 3. OH NO SOMETHING HAPPENED. Tommy Tompkins, Mater's business partner, is a real "by the book person and he rains on their parade by applying the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $18.00 per unit, what would Tompkins report on the balance sheet for inventory? Complete this question by entering your answers in the tabs below. Required las Required 2 Required 3 Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic Inventory system: (Do not round Intermediate calculations.) Ending Inventory Cost of Goods Sold b Firsten, first-out Last-in, first out Weighted average c Part 1 of 2 Inventory Inquiry 25 points Mater's Trucking Company reports the following inventory record for January INVENTORY Date Activity of Units January 1 Beginning balance Cost/Unit 115 $17 January 4 Purchase 310 18 January 7 Sale $59 per unit) 235 January 13 Purchase January 22 550 20 Sale ( 559 per unit) 569 Selling, administrative, and depreciation expenses for the month were $15,000 Mater's effective tax rate is 30 percent Required: 1. Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic Inventory system 2. What is the gross profit percentage under the FIFO method? 2.b. What is net income under the LIFO method? 3. OH NO SOMETHING HAPPENED. Tommy Tompkins, Mater's business partner is a real "by the book" person and he rains on their parade by applying the lower of cost or market method to value its inventory for reporting purposes at the end of the month Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $18.00 per unit, what would Tompkins report on the balance sheet for inventory? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required a. What is the gross profit percentage under the FIFO method? (Round your percentage answer to 2 decimal places (le 0.1234 should be entered as 12.34). b. What is net income under the LIFO method? 54 2-a: Oross profit percentage under FIFO 2- Net Income under UFO Required 1 Required 3 > Inventory Inquiry Mater's Trucking Company reports the following inventory record for January Date January 1 January 4 January 7 January 13 January 22 INVENTORY Activity Beginning balance Purchase Sale (@559 per unit) Purchase Sale ( 559 per unit) of Units 115 310 235 Cost/Unit $17 18 550 500 20 Selling, administrative, and depreciation expenses for the month were $15,000. Mater's effective tax rate is 30 percent Required: 1. Calculate the cost of ending inventory and the cost of goods sold under each of the following methods using periodic Inventory system 2.a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? 3. OH NO SOMETHING HAPPENED. Tommy Tompkins, Mater's business partner, is a real "by the book person and he rains on their parade by applying the lower of cost or market method to value its inventory for reporting purposes at the end of the month Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $18.00 per unit, what would Tompkins report on the balance sheet for inventory? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Tompkins applied the lower of cost or market method to value its inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that inventory had a market replacement value of $19.50 per unit, what would Tompkins report on the balance sheet for inventory? Cost of ending inventory
