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Crane Co. uses a periodic inventory system. Its records show the following for the month of May, in which 62 units were sold. Unit Units Cost Total Cost May 1 Inventory 30 $5 $150 15 Purchases 22 8 176 24 Purchases 32 9 288 Totals 84 $614 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 $ $ Cost of goods soldBonita Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $265,000. In reviewing the details of the count and related inventory transactions, you have discovered the following. 1. Bonita has sent inventory costing $20,000 on consignment to Alissa Company. All of this inventory was at Alissa's showrooms on December 31. 2. The company did not include in the count inventory (cost, $20,000) that was sold on December 28, terms FOB shipping point. The goods were in transit on December 31. 3. The company did not include in the count inventory (cost, $13,000) that was purchased with terms of FOB shipping point. The goods were in transit on December 31. Compute the correct December 31 inventory. Correct December 31 inventoryThe accounting records of Tamarisk Electronics show the following data. Beginning inventory 4,000 units at $5 Purchases 8,000 units at $8 Sales 9,500 units at $10 Determine cost of goods sold during the period under a periodic inventory system using the FIFO method. (Round answer to 0 decimal places, e.g. 1,250.) FIFO Cost of goods sold during the period $ LINK TO TEXT Determine cost of goods sold during the period under a periodic inventory system using the LIFO method. (Round answer to 0 decimal places, e.g. 1,250.) LIFO Cost of goods sold during the period $ LINK TO TEXT Determine cost of goods sold during the period under a periodic inventory system using the average-cost method. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimal places, e.g. 1,250.) Average-cost Cost of goods sold during the period $On December 1, Sunland Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $160. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $90. Another, with serial #1045, was purchased on November 1 for $85. The last player, serial #1056, was purchased on November 30 for $80. x Your answer is incorrect. Try again. Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Sunland Electronics' year-end. Cost of goods sold x. LINK TO TEXT x Your answer is incorrect. Try again. minimize earnings? Maximize earnings? if Sunland Electronics used the specific identification method instead of the FIFO method, how might it alter its earnings by "selectively choosing" which particular players to sell to the two customers? What would Sunland's cost of goods sold be if the company wished to Cost of goods sold would be S.. x . . if it wished to minimise the earnings. Cost of goods sold would be $.... if it wished to maximise the earnings.system. Betty's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Betty's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Betty's uses a periodic inventory Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 26 $96 $ 2,496 Sept. 12 Purchases 45 104 4,680 Sept. 19 Purchases 20 106 2,120 Sept. 26 Purchases 50 107 5,350 Totals 141 $14,646 x Your answer is incorrect. Try again. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 Cost of goods sold LINK TO TEXT x Your answer is incorrect. Try again. For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO LIFO The sum of ending inventory and cost of goods sold $ 1