When preparing its quarterly financial statements, Pace Co uses the gross margin method to estimate ending inventory. The following information is available for the quarter ending March 31, Year 2: Beginning inventory Purchases Sales Estimated gross margin percentage $ 223,000 $ 788,000 $1,095,000 454 What is the estimated amount of inventory that is on hand on March 31, Year 2? (Do not round your intermediate calculations.) Multiple Choice $408.750 $602,250 $454,950 $556,050 Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the current year, Vargas purchased 900 units of inventory that cost $10 each. At a later date during the year, the company purchased an additional 1,300 units of inventory that cost $11 each. Vargas sold 1000 units of inventory for $14. What is the amount of cost of goods sold that will appear on the current year's income statement? Multiple Choice $3,900 $9,000 $3.000 $10.100 Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $105,000; beginning inventory of $10,500 and purchases of $73,500. What is the estimated amount of ending inventory at the end of the period? Multiple Choice $21,000 $63,000 $42.000 $33,600 Melbourne Company uses the perpetual inventory system and LIFO cost flow method, Melbourne purchased 1,900 units of inventory that cost $12.50 each. At a later date, the company purchased an additional 2,000 units of inventory that cost $13.00 each. If the company sells 2,200 units of Inventory what amount of ending Inventory will appear on a balance sheet prepared immediately after the sale? Multiple Choice $28,500 $21,675 $21.250 $22.300 Hoover Company purchased two identical inventory items. The item purchased first cost $43.00. The item purchased second cost $48.25. Then Hood sold one of the inventory items for $75. Based on this information, which of the following statements is true? Multiple Choice The onding inventory is $48.25 if Hoover uses the UFO cost flow method. O The gross margin is $29.38 i Hoover uses the weighted average cost How method. The cost of goods sold is $48.25 #Hoover uses the FIFO cost flow method. The cost of goods sold is $43.00 if Hoover uses the LIFO cost flow method Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information: Jan 1 Reginning inventory 700 units @ $3.10 Jan 12 Purchase 800 units @ $2.98 Jan 18 Sales 900 units @ $4.60 Jan 21 Purchase 700 units @ $3.20 Jan 25 Purchase 500 units @ $3.00 Jan 31 Sales 858 units @ $4.60 Assuming Chase uses a LIFO cost flow method, what is the amount of cost of goods sold for the sales transaction on January 187 Multiple Choice $2,790 $2,630 $2,610 $2.750 Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Information Jan 1 Jan 12 Jan 18 Jan 21 Jan 25 Jan 31 Beginning inventory Purchase Sales Purchase Purchase Sales 700 units @ $3.10 800 units $2.90 980 units $4.60 700 units $3.20 5e8 units $3.88 858 units @ $4.68 Assuming Chase uses a FIFO cost flow method, what is the cost of goods sold for the sales transaction on January 31? Multiple Choice $2,605 $2,540 $2725 $2.940 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 110 units at $50 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 178-unit purchase at $57 per unit; the second was a 216-unit purchase at $60 per unit. During the period, it sold 300 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending Inventory, assuming that Cortez uses a. FIFO FIFO Units Unit Cost Cost of Goods Sold lele Total FIFO Units Unit Cost Ending Inventory 90 b. LIFO LIFO Units Unit Cost Cost of Goods Sold . : Total Units Unit Cost Ending Inventory LIFO Total ending inventory c. Weighted average: (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Cost of goods sold Ending inventory units units The following inventory transactions apply to Green Company for Year 2: Jan. 1 Purchased Apr. 1 Sold Aug. 1 Purchased Dec. 1 Sold 238 units @ SB 115 units @ $ 18 440 units @ $ 9 550 units @ $ 19 The beginning inventory consisted of 175 units at $9 per unit. All transactions are cash transactions. Required a. Record these transactions in general Journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field) View transaction list Journal entry worksheet 1 2 5 6 Record entry inventory purchased for cash. Note: Enter debits before credits Debit General Journal Date Credit 01/01 TIT The following inventory transactions apply to Green Company for Year 2: Jan. 1 Purchased Apr. 1 Sold Aug. 1 Purchased Dec. 1 Sold 230 units @ $ 8 115 units @ $ 18 440 units @ $ 9 550 units @ $ 19 The beginning inventory consisted of 175 units at $9 per unit. All transactions are cash transactions. Required a. Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet