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Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost Purchase 1 $70 April 2 April 15 April 20 Purchase 1 73 Purchase 1 76 3 Total $219 Average cost per unit $73 ($219 + 3 units) Assume that one unit is sold on April 27 for $102. Determine the gross profit for April and ending inventory April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-In, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 51 units $19 36 units 7 Sale 15 Purchase 60 units $20 24 Sale 19 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a)the cost of goods sold on October 24 and (b) the inventory on October 31 a. Cost of goods sold on October 24 b. Inventory on October 31 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 96 units $33 B Sale 77 units 15 Purchase 107 units @ $36 27 Sale 90 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar 27 and (b) the inventory on Mar. 31 a. Cost of goods sold on Mar 27 b. Inventory on Mar. 31 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units at $49 $392 Aug. 13 Purchase 15 units at $50 750 Nov. 30 Purchase 13 units at $52 676 Available for sale $1,818 36 units There are 17 units of the item in the physical Inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first- out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). First-in, first-out (FIFO) a. b. Last-in, first-out (LIFO) Weighted average cost Effect of Inventory Errors During the taking of its physical inventory on December 31, 20Y3, Kate's Interiors Company incorrectly counted its inventory as $375,815 instead of the correct amount of $323,200. Indicate the effect of the misstatement on Kate's Interiors's December 31, 2083, balance sheet or income statement for the year ended December 31, 2043. For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value. Cost of goods sold Current assets Gross profit Inventory Net income Stockholders' equity Total assets Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units at $128 Mar. 10 Purchase 50 units at $140 Aug. 30 Purchase 20 units at $144 Dec. 12 Purchase 90 units at $150 There are 80 units of the item in the physical inventory at December 31. The periodic Inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar Cost of Ending Inventory and cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) Last-in, first out (LIFO) Weighted average cost FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 46 units at $46 Sale 41 units at $64 First purchase 33 units at $48 Sale 12 units at $66 Second purchase 26 units at $51 Sale 41 units at $66 The firm uses the perpetual inventory system, and there are 11 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? $ b. What is the total cost of the ending inventory according to LIFO? Gross Profit Method Based on the following data, estimate the cost of the ending inventory Sales $5,000,000 Estimated gross profit rate 37% Beginning inventory $3,129,000 Purchases (net) 317,000 Merchandise available for sale $3,446,000 Estimated Cost of Ending Inventory