Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual Inventory system. Determine the cost assigned to the ending Inventory using FIFO. Date May 1 May 5 Activities Beginning inventory Purchase Units Acquired at Cost 152 units $10-$1,520 222 units @ $12-$2,664 Units Sold at Retail May 101 Sales May 15 May 24 Purchase Sales 102 units @ $13-$1,326 142 units @ $20 92 units @ $21 A company's inventory records report the following: Date August 1 August 5 Activities Beginning inventory Units Acquired at Cost 15 units @ $48 = $720 Units Sold at Retail Purchase 53.01 August 12 Purchase 10 units @ $49 = $490 20 units @ $50 $1,000 August 15 Sales 30 units sold Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale? A company had the following purchases and sales during the month of November: Date: Activities November 1 Beginning inventory Units Acquired at Cost 5 units @$40 = $200 Units Sold at Retail November 2 Purchase November 6 Purchase 10 units @ $42 = $420 6 units @$45 = $270 November 8 Sales 8 units @ $85 Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? A company's inventory records indicate the following data for the month of April: Sale Units Acquired at Cost 810 units @$36 = $29,160 690 units @ $40 = $27,600 Date Activities April 1 Beginning inventory April 7 Purchase 2:29 April 11 April 16 Purchase 610 units @ $44 = $26,840 April 22 Sale April 29 Purchase 590 units @ $50-$29,500 Units Sold at Retail 1,220 units @ $110 400 units @ $110 Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. Date June 1 June 15 June 29 Activities Beginning inventory Units Acquired at Cost 15 units @$27 = $405 Units Sold at Retail Sale Purchase 6 units @ $57 8 units @ $32 = $256 The cost of the ending inventory is: Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to the ending Inventory using FIFO. Activities Beginning inventory Purchase Date May 1 May 5 May 10 Sales May 15 Purchase May 24 Sales Units Acquired at Cost 162 units $10-$1,620 232 units @ $12 $2,784 112 units @$13 - $1,456 Units Sold at Retail 152 units @ $20 102 units @ $21 Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 12 units that were sold? Date August 1 August 3 August 6 Activities Beginning inventory Purchase Sales Units Acquired at Cost Units Sold at Retail 10 units @ $22 = $220 20 units @ $24-$480 12 units sold Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Beginning inventory Cost of goods purchased Cost of goods available for sale! Ending inventory Cost of goods sold Year 1. $ 126,500 Year 2 $ 131,300 251,300 281,500 412,800 136,300 377,800 131,300 $ 246,500 $ 276,500 Lucia Company made two errors: 1) ending inventory at the end of Year 1 was understated by $16,300 and 2) ending inventory at the end of Year 2 was overstated by $7,300. Given this information, the correct cost of goods sold figure for Year 2 would be: Ace Company reported the following information for the current year Sales Cost of goods sold: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit $ 414,000 $ 138,000 277,000 415,000 148,000 267,000 $ 147,000 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $24,000. Given this information, the correct gross profit would be