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In its first month of operations, Sunland Company made three purchases of merchandise in the following sequence: (1) 300 units at $8, (2) 400 units at $9, and (3) 240 units at $10. Assuming there are 360 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Sunland uses a periodic inventory system. FIFO LIFO Cost of the ending inventory $Sheffield Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Price May 7 50 $20 July 28 30 23 On June 1, Sheffield sold 20 units, and on August 27, 40 more units. Prepare the perpetual inventory schedule for the above transactions using FIFO. (Round answers to 0 decimal places, e.g. 1,250.) Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 June 1 $ July 28 Aug. 27 LINK TO TEXT e w X Prepare the perpetual inventory schedule for the above transactions using LIFO. (Round answers to 0 decimal places, e.g. 1,250.) Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 June 1 July 28 Aug. 27 LINK TO TEXT Prepare the perpetual inventory schedule for the above transactions using moving-average cost. ( Round average-cost per unit to 2 decimal places, e.g. 12.50 and final answers to 0 decimal places, e.g. 1,250.) Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 June 1 $ July 28 $ Aug. 27Bramble Company reports the following for the month of June. Unit Date Explanation Units Cost Total Cost June 1 Inventory 200 $7 $1,400 12 Purchase 400 10 4,000 23 Purchase 400 11 4,400 30 Inventory 50 Assume a sale of 500 units occurred on June 15 for a selling price of $12 and a sale of 450 units on June 27 for $13. Calculate cost of goods available for sale. The cost of goods available for sale LINK TO TEXT VIDEO: SIMILAR EXERCISE Calculate Moving-Average unit cost for June 1, 12, 15, 23 & 27. ( Round answers to 3 decimal places, e.g. 2.525.) June 1 $ June 12 $ June 15 $ June 23 $ June 27 LINK TO TEXT VIDEO: SIMILAR EXERCISE Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. ( Round average-cost per unit to 3 decimal places, e.g. 12.520 and final answer to 0 decimal places, e.g. 1,250.) FIFO LIFO Moving-Average Cost The cost ending inventory $ $ $ The cost of goods soldNorris Company uses the perpetual inventory system and had the following purchases and sales during March. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 100 $40 3/3 Purchase 60 $50 3/4 Sales 70 $80 3/10 Purchase 200 $55 3/16 Sales 80 $90 3/19 Purchase 40 $60 3/25 Sales 120 $90 Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO. FIFO LIFO Cost of goods sold $ Ending inventory $Sheridan Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 3 sets at $430 each. On January 10, Sheridan purchased 6 units at $500 each. The company sold 2 units on January 8 and 5 units on January 15. Compute the ending inventory under FIFO. ( Round answer to 0 decimal places, e.g. 1,250.) FIFO The ending inventory $ LINK TO TEXT Compute the ending inventory under LIFO. (Round answer to 0 decimal places, e.g. 1,250.) LIFO The ending inventory $ LINK TO TEXT Compute the ending inventory under moving-average cost. (Round average-cost per unit to 2 decimal places, e.g. 12.50 and final answer to 0 decimal places, e.g. 1,250.) MOVING-AVERAGE COST The ending inventory
