Nittany Company uses a periodic Inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product t Unit Cost Units 1,900 points Inventory, December 31, prior year For the current years Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,030 Skipped Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) Answer is not complete. 0 Average Cost Ending inventory Cost of goods sold Chapter-7 Help Required information The following information applies to the questions displayed below.) Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,910 Unit Cost $12 13 Inventory, December 31, prior year For the current year! Purchase, April 11 Purchase, June 1 Sales ($50 each) Operating expenses (excluding income tax expense) 8.990 7,910 10,920 $187,500 Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B LIFO. EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO Chapter / 1 Help Required: 1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. EMILY COMPANY Income Statement For the Year Ended December 31, current year Case A FIFO Case B LIFO Cost of goods sold: Goods available for sale Cost of goods sold Saved saved Help Savu Required information (The following information applies to the questions displayed below.) Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,910 Unit Cost $12 8.990 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($50 each) Operating expenses (excluding income tax expense) 9,910 18 18 10.920 $187.500 2. Compute the difference between the pretax income and the ending inventory amount for the two cases. Comparison of Amounts Case A Case B FIFO LIFO Difference Pretax income Ending inventory Helps Required information (The following information applies to the questions displayed below.) Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,910 Unit Cost $12 Inventory, December 31, prior year For the current year: Purchase, April 11 Purchase, June 1 Sales ($50 each) Operating expenses (excluding income tax expense) 8,990 7.910 10.920 13 18 $187,500 3. Which inventory costing method may be preferred for income tax purposes? Which inventory costing method may be preferred for income tax purposes? 2 of 7 Next > Chapter 7 Saved Help Save Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods 2. Prepare an income statement through pretax income for each method. Sales, 327 units; unit sales price, $51; Expenses, $1,580 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Round intermediate calculations to 2 decimal places. Round your answers to the nearest whole dollar amount.) FIFO LIFO Average Cost $ $ $ 9,750 15,378 | 9,750 15,378 Cost of goods sold Beginning inventory (390 units @ $25) Purchases (466 units @ $33) Goods available for sale Ending inventory (529 units) Cost of goods sold 9,750 15,378 | Required 1 Required 2 > Drev 5 of 7 Next > Heipsi Following is partial Information for the income statement of Audio Solutions Company under three different inventory costing methods assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 327 units; unit sales price, $51; Expenses, $1,580 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement through pretax income for each method. Sales, 327 units; unit sales price..$51: Expenses. $1,580 FIFO L IFO Average Cost Required 3 Required 1 7 !! Next > Chapel - 1 Saved Help Save & Che Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 327 units; unit sales price, $51; Expenses, $1,580 3. Rank the three methods in order of income taxes paid (favorable cash flow). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Rank the three methods in order of income taxes paid (favorable cash flow). FIFO LIFO Average cost Required 2 Required Draw 5 of 7 !!! Next > Chapter-7 Surved Help Save H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending Inventory Information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (PIPO) at Year-End S 13 $ 16 Quantity on Hand 62 92 Item 42 53 49 22 82 26 362 Required: Compute the valuation that should be used for the current year ending Inventory using lower of cost or net realizable value applied on an Item-by-item basis. Item Total Net Quantity Total Cost Realizable Value Lower of Cost or NRY 362 Total work Chapter 7 0 Saved Help Sav Jetz is the leading manufacturer of personal computers. In a recent year, it reported the following in dollars in millions Net sales revenue Cost of sales Beginning inventory Ending inventory $76,141 58.944 1.800 1.930 Required: Determine the inventory turnover ratio and average days to sell inventory for the current year. (Use 365 days a year. Round your intermediate calculations and final answers to 2 decimal places.) ince Inventory turnover Average days to sell Inventory