Neel-Spring 2022 Chapter 6 In-Class Exercises Use the following information to answer questions through 3. A company had a beginning inventory of $6,500 at Jan 1, 2019 and net purchases of inventory of $75,000 during 2019. Ending inventory was $5,000 on Dec 31, 2019. Net Sales Revenue for 2018 was $150,000 1. What is the 2019 cost of goods sold? 2. What is the 2019 gross profit? 3. What is the 2019 gross profit percent? Total Cost Use the chart below to answer questions 4 through 10. Units Beginning Inventory 7,000 Purchase on May 15 9,000 Sales 10,000 Unit Cost $5.00 $7.00 4a, What are the units available for sale? Cost of goods available for sale? 4b. What is the cost of goods sold using the average cost method? 5. What is the ending inventory using the average cost method? 6. What is the cost of goods sold using the FIFO method? 7 What is the ending inventory using the FIFO method? 8. What is the cost of goods sold using the UFO method? What is the ending inventory using the LIFO method? 10 Which inventory method will give the highest gross profit and how much wil gross profit be using this method of each unit sells for $20? 11 During periods of rising unit costs for products that a company sells ie inflation, which cost flow method would produce the smallest net income? 12 A company records the following Journal entries during May. What is the company's gross profit for May? Gross profit percent for May? 4,500 4,500 DR Inventory CR Accounts Payable DR Accounts Receivable CR Sales Revenue DR Cost of goods sold CR Inventory 10.000 10,000 3,250 3,250