LIFO Method: Periodic Inventory System SE5. Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the LIFO method under the periodic inventory system. 3 Effects of Inventory Costing Methods and Changing Prices SE6. Prepare a table with four columns that shows the ending inventory and cost of goods sold for each of the results from your calculations in SE2 through SE5, including the effects of the different prices at which the merchandise was purchased. Which method(s) would result in the lowest income taxes? 4 Average-Cost Method: Perpetual Inventory System SE7. Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the average-cost method under the perpetual inventory system. (Round to the nearest dollar.) LO 4 FIFO Method: Perpetual Inventory System SE8. Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the FIFO method under the perpetual inventory system. LO 4 LIFO Method: Perpetual Inventory System SE9. Using the data in SE2, calculate the cost of ending inventory and cost of goods sold according to the LIFO method under the perpetual inventory system. LO 5 Retail Inventory Method SE10. Blue Jeans Shop had net retail sales of $390,000 during the current year. The following additional information was obtained from the company's accounting records: Using the retail method, estimate the company's ending inventory at cost. Assuming that a physical count taken at year-end revealed an inventory of $132,000 at retail value, what is the estimated amount of inventory shrinkage (loss due to theft, damage, etc.) at cost using the retail method? 6 Management Issues SE11. BUSINESS APPLICATION - Indicate whether each of the following items is associated with (a) allocating the cost of inventories in accordance with the accrual accounting, (b) assessing the impact of inventory decisions, (c) cvaluating the level of inventory, or (d) engaging in an unethical practice: 1. Calculating days' inventory on hand. 2. Ordering a supply of inventory to satisfy customer needs. 3. Valuing inventory at an amount to achieve a specific profit objective. 4. Calculating the income tax effect of an inventory method. 5. Deciding the cost to place on ending inventory. Inventory Turnover and Days' Inventory on Hand SE12. BUSINESS APPLICATION D During 2014, Victoria's Fashion had beginning inventory of $480,000, ending inventory of $560,000, and cost of goods sold of $2,200,000. Compute the inventory turnover and days' inventory on hand. (Round to one decimal place.) Management Issues SE11. BUSINESS APPLICATION P Indicate whether cach of the following items is associated with (a) allocating the cost of inventories in accordance with the accrual account. ing, (b) assessing the impact of inventory decisions, (c) evaluating the level of inventory, or (d) engaging in an unethical practice: 1. Calculating days' inventory on hand. 2. Ordering a supply of inventory to satisfy customer needs. 3. Valuing inventory at an amount to achieve a specific profit objective. 4. Calculating the income tax effect of an inventory method. 5. Deciding the cost to place on ending inventory. Inventory Turnover and Days' Inventory on Hand SE12. BUSINESS APPLICATION D. During 2014, Victoria's Fashion had beginning inventory of $480,000, ending inventory of $560,000, and cost of goods sold of $2,200,000. Compute the inventory turnover and days' inventory on hand. (Round to one decimal place i)