Using the specific identification method: Cost per Date Units purchased unit Ending inventory June 1 16 Echo Show's 360 $ 282 2 Echo Show's from June July 1 42 Echo Show's 360 257 18 Echo Show's from July August 1 61 Echo Show's 360 247 15 Echo Show's from August a. Calculate the ending inventory. Ending inventory b. Calculate the cost of goods sold. Cost of goods soldMonroe Company had a beginning inventory of 356 cans of paint at $12.60 each on January 1 at a cost of $4,485.60. During the year, the following purchases were made: February 15 236 cans at $14.60 April 36 116 cans at $15.16 July 1 166 cans at $15.60 Monroe marks up its goods at 40% on cost. At the end of the year, ending inventory showed 105 units remaining. Calculate the amount ofsales assuming a FIFO flow of inventory. {Round your answer to the nearest cent.) From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent under the retail method. (Round the "cost ratio" to the nearest hundredth percent. Round the \"cost of ending inventory" to the nearest cent.) Net sales at retail for year $ 35,506 Beginning inventorycost $ 22,506 Beginning inventoryretail $ 44,560 Purchasescost $ 13,106 Purchasesretail $ 13,106 Beginning inventory Net purchases Cost of goods available for sale Less net sales at retail Ending inventory at retail Cost ratio Ending inventory at cost Given the following, calculate the estimated cost of ending inventory using the gross profit method. Gross profit on sales 65% Net purchases 3,400 Beginning inventory $ 28,500 Net sales at retail $ 16,500 Estimated cost of ending inventoryComplete the following: (Round your answers to the nearest hundredth} Average Inventory Average Inventory all Cast at Retail $ 13,000 $ 20,540 $ 55,000 Complete the following (assume $88,000 of overhead to be distributed): (Round the "Ratio" to 2 decimal places.) Square Feet Ratio Amount of Overhead Allocated Department A 7,560 Department B 28,440LIFO was designed to protect cash flow in industries where prices increase rapidly. It has been used for both tax and financial statement reporting since the 1930s. The higher cost of goods sold under LIFO in these circumstances results in lower reported profit than under FIFO. In the 2012 budget, President Obama has threatened to repeal LIFO. If Exxon uses FIFO for its inventory valuation, calculate the cost of ending inventory and cost of goods sold if ending inventory is 110 barrels of crude oil: Beginning inventory and purchases Barrels Barrel cost Total cost January 1 136 $ 94 $ 12, 784 March 1 61 103 6, 283 June 1 76 97 7,372 September 1 86 92 7,912 December 1 61 102 6,222 420 $ 40,573 Cost of ending inventory Cost of goods soldMay's Dress Shop's inventory at cost on January'l was $42,000. tts retail value was $62,000. During the year, May purchased additional merchandise at a cost of $195,600 with a retail value of $395,600. The net sales at retail for the year were $351,000. Calculate May's inventory at cost by the retail method. (Round the \"cast ratio" to the nearest whole percent.) Beginning inventory Purchases Cast of goods available for sale _ - Less net sales for year _- En ding inventory at retail I =. En ding inventory at cost lCarer the past 3 years, the gross profit rate for Jini Company was 35%. Last week a fire destroyed all Jini's inventory. Beginning inventor}:r 5 6,630 Net purchases 54,833 Net sales at retail 49,686 ' Using the gross prot method, estimate the cost of inventory destroyed in the fire, given the above facts that were recorded in a fireproof safe. Inventory destroyed _ Better Finance, based in San Francisco, California, provides leasing and credit solutions to consumers and small businesses. If Better Finance wants to distribute $50,000 worth of overhead by sales. New customer sales (NCS) $ 4, 655, 000 Current customer new sales (CONS) 5, 320, 000 Current customer loan extension sales (CCLES) 3, 325, 000 $13, 300, 000 Calculate the overhead expense for each department. Overhead expense New customer sales Current customer new sales Current customer loan extension sales