The following three identical units of Item BZ1810 are purchased during November: Item BZ1810 Units Cost Nov. 2 Purchase 1 $ 55 14 Purchase 1 57 28 Purchase 1 62 Total $174 Average cost per unit $ 58 ($174+3 units) Assume that one unit is sold on November 30 for $90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first- out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Obj. 3 Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Apr. 1 Inventory 420 units at $8 10 Sale 300 units 18 Purchase 280 units at $9 27 Sale 250 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on April 27 and (b) the inventory on April 30. Obj. 3 Beginning inventory, purchases, and sales for Item ProX2 are as follows: Jan. 1 Inventory 60 units at $100 9 Sale 35 units 13 Purchase 50 units at $110 25 Sale 48 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on January 25 and (b) the inventory on January 31. 8. Inventory Turnover and Days' Sales in Inventory Obj. 7 Financial statement data for two years ending December 31 for Holland Company follow: 20Y4 20Y3 Cost of goods sold $4,504,500 $3,715,200 Inventories: Beginning of year 788,000 760,000 End of year 850,000 788,000 a. Determine the inventory turnover for 20Y4 and 20Y3. ANSWER b. Determine the days' sales in inventory for 20Y4 and 20Y3. Use 365 days and round to one decimal place c. Are the changes in the inventory turnover and days' sales in inventory from 20Y3 to 20Y4 favorable or unfavorable?