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Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 120 units at $110 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 226-unit purchase at $125 per unit; the second was a 264-unit purchase at $132 per unit. During the period, it sold 372 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 ele Total FIFO Units Unit Cost Ending Inventory @ b. LIFO: LIFO Units Unit Cost Cost of Goods Sold Total LIFO Units Unit Cost Ending Inventory @ IIII @ 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 information pertains to Mason Company for Year 2: Beginning inventory Units purchased 128 units @ $ 36 382 units @ $54 Ending inventory consisted of 48 units. Mason sold 462 units at $108 each. All purchases and sales were made with cash. Operating expenses amounted to $3,600. Exercise 5-4A Part a Required a. Compute the gross margin for Mason Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount.) Gross Margin FIFO LIFO Weighted average The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased 128 units @ $ 36 382 units @ $54 Ending inventory consisted of 48 units. Mason sold 462 units at $108 each. All purchases and sales were made with cash. Operating expenses amounted to $3,600. Exercise 5-4A Part b b. What is the amount of net income using FIFO, LIFO, and weighted average? (Ignore income tax considerations.) (Round cost per unit to 3 decimal places and other intermediate answers and final answers to the nearest whole dollar amount.) Net Income FIFO LIFO Weighted average The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased 128 units @ $ 36 382 units @ $54 Ending inventory consisted of 48 units. Mason sold 462 units at $108 each. All purchases and sales were made with cash Operating expenses amounted to $3,600. Exercise 5-4A Part c. Compute the amount of ending inventory using (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount.) Ending Inventory FIFO LIFO Weighted average The Shirt Shop had the following transactions for T-shirts for Year 1. its first year of operations Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 420 units @ $ 8 = $3,360 220 units @ $ 10 - 2.200 300 units @ $ 133,900 110 units @ $15 1,650 During the year, The Shirt Shop sold 870 T-shirts for $24 each. Exercise 5-5A Part a Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) Ending Inventory FIFO LIFO Weighted average The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 420 units @ $ 8 = $3,360 220 units @ $ 10 = 2,200 300 units @ $ 13 = 3,900 110 units @ $15 - 1,650 During the year, The Shirt Shop sold 870 T-shirts for $24 each. Exercise 5-5A Part b b. Record the above transactions in general journal form and post to T-accounts using (1) FIFO (2) LIFO, and (3) weighted average. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions. Complete this question by entering your answers in the tabs below. LIFO Required B G) Required B G) Required 8 GJ Required BT Required BT Required BT Required B FIFO WA Acc FIFO Acc LIFO Acc WA Record the above transactions in general journal form. (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 3 4 Record the entry for purchase of Inventory for cash on January 20. Journal entry worksheet 2 3 4 Record the entry for purchase of inventory for cash on January 20. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 20 Record entry Clear entry View general journal Journal entry worksheet N 3 4 4 Record the entry for purchase of inventory for cash on April 21. Note: Enter debits before credits. Date General Journal Debit Credit Apr. 21 Record entry Clear entry View general journal Journal entry worksheet 2 3 4 Record the entry for purchase of inventory for cash on July 25. Note: Enter debits before credits Date General Journal Dobit Credit Jul, 25 Record entry Clear entry View general journal Journal entry worksheet 1 N 3 4 Record the entry for purchase of inventory for cash on September 19. Note: Enter debits before credits Date General Journal Debit Credit Sept. 19 Record entry Clear entry View general journal Required B Required B G) Required B G) Required B G) FIFO LIFO WA Required B Acc FIFO Required BT Acc LIFO Required By Acc WA Record the above transactions in general Journal form using FIFO method. Assume all transactions are cash transactions. (If no required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record sale of inventory for cash. Note: Enter debits before credits Dato General Journal Debit Credit Year 1 View general journal Record entry Clear entry Required B Required B G Required B G Required B GJ FIFO LIFO WA Required BT ACC FIFO Required By Acc LIFO Required BT Acc WA Record the above transactions in general journal form using LIFO method. Assume all transactions are cash transaction required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > N Record entry for cost of goods sold. Note: Enter debits before credits. Date General Journal Debit Credit Year 1 Record entry Clear entry View general journal Required B Required B G) Required B G) Required B GJ Required BT FIFO LIFO WA ACC FIFO Required BT Acc LIFO Required BT Acc WA Record the above transactions in general journal form using weighted average method. Assume all transactions are cash tu no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round cost per un places and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet Record sale of inventory for cash. Note: Enter debits before credits Date General Journal Debit Credit Year 1 Record entry Clear entry View general journal Required B Required & G) Required BG Requirea B G Required By Required BT FIFO LIFO WA ACC FIFO Acc LIFO Required BT Acc WA Record the above transactions in general journal form using weighted average method. Assume all transactions are cash transac no entry is required for a transaction/event, select "No journal entry required in the first account field. Round cost per unit to 2 places and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet

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