Inventory Project - Chapter 5 Point Values Point Values Batman uses a perpetual inventory system to keep track of all his crime fighting gadgets. Information about his inventory is found below and should be used to answer all questions. Units Sales Beginning Inventory 1/1/2021 Purchases 1/15/2021 Purchases 1/20/2021 Sales to Wonderwoman 1/25/2021 Purchases 1/25/2021 Sales to Superman 1/30/2021 Cost per Unit Extended Cost 1,200 $ 200,000 $ 240,000,000 700 $ 250,000 $ 175,000,000 500 $ 230,000 $ 115,000,000 1,300 1,100 $ 250,000 $ 275,000,000 1,000 $ 390,000,000 $ 300,000,000 Units Extended Cost Sales $ 1) What is the total Goods available for sale 1,200 1 2) What are total units sold and total sales $ 2,300 690,000,000 1 3) Calculate Cost of Goods Sold, Gross Margin, and Ending Inventory using FIFO Units Cost per Unit Cost of Goods Sold Sales $ Cost of Goods Sold Units Sold in order Totals 2 Gross Margin 2 Ending Inventory Units in order Total Ending Inventory 2 4) Calculate Cost of Goods Sold, Gross Margin, and Ending Inventory using Perpetual LIFO Units Cost per Unit Cost of Goods Sold Sales $ Cost of Goods Sold Units Sold in order for 1/25 sale 1/25/2021 sale 1 Units Sold in order for 1/30 sale Totals 1/30/2021 Sale 1 Gross Margin 2 2 Ending Inventory Units remaining in order Total Ending Inventory 2 5) Calculate Cost of Goods Sold, Gross Margin, and Ending Inventory using Periodic Weighted Average Wieghted Average Cost Per Unit 2 Cost of Goods Sold 2 Ending Inventory 2. 20