Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Her goals for the next 11 months are to sell one mixer per month and to give two to three classes per week.
The cost of the fine European mixers is expected to increase. Natalie has just negotiated new terms with Kzinski that include shipping costs in the negotiated purchase price (mixers will be shipped FOB destination). Assume that Natalie has decided to use a periodic inventory system and now must choose a cost flow assumption for her mixer inventory.
Inventory as on January 31, 2020 represents three deluxe mixer purchased at a unit cost of $595.
The following transactions occur in February to May 2020.
Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Her goals for the next 11 months are to sell one mixer per month and to give two to three classes per week. The cost of the fine European mixers is expected to increase. Natalie has just negotiated new terms with Kzinski that include shipping costs in the negotiated purchase price (mixers will be shipped FOB destination). Assume that Natalie has decided to use a periodic inventory Systems Inventory as on January 31, 2020 represents three deluxe mixer purchased at a unit cost of $595. The following transactions cccur in February to May 2020. Feb. 2 Natale buys two deluxe mixers on account from Kzinski Supply Co. far $1,200 ($600 each), Fae destination, tems n/30. 16 She sells ane deluxe mixer for $1,150 cash 25 She pays the amount owed to Kzinski Mar. 2 She buys one deluxe mixer an account from Kzinski Supply Co. for $619, FOs destination, terms n/30. 30 Natalie sells two deluxe mixers for a total of $2,300 cash. 31 She pays the amount owed to Kzinski. Apr. 1 She buys two deluxe mixers on account from Kzinski Supply Co. for $1,224 ($612 cach), Fos destination, terms n/30. 13 She sells three deluxe mixers for a total of $3,450 cash. 30 Natalie pays the amounts awed to Kzinski. May 4 She buys three deluxe mixers an account from Kzinski Supaly Co. for $1,975 ($625 cach), FOB destination, terms n/30. 27 She sells ane deluxe mixer for $1,150 cash. Determine the cost of goods available for sale Cost of goods available for sale LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculete (i) ending inventory cost of youds sold, (ii) gross prufit, and (iv) gross profit rete under each of the following methods:LIFO, FIFO, and average cost. (Round average cost per unit to 3 decimal places, e.g. 2.225. Round gross profit rate to 2 decimal places, e.g. 25.22%. Round all other answers to o decimal places, e. 2,525.) LIFO FIFO Average Cost Ending inventory S $ Cast of goods sold $ 5 $ Gross profit $ s $ Gross profit rate
